Published Paper Details:

Complex innovative work ventures can be managed effectively if the project managers have the means to plan and control the schedule and cost of the work required to accomplish their technical performance destinations. The direct methods used for solving project management problems are critical path method (CPM) and project evaluation and review technique (PERT). The effectiveness of direct methods in modeling the complex situation is limited when uncertainty in terms of time duration arise in real world situation. Monte Carlo Simulation process for uncertain time duration of activities will be discussed briefly. Furthermore, Optimization methods yield better approximation for the uncertain real-world situations. The ant colony optimization (ACO) algorithms are applied to solve many complex combination optimization problems, such as traveling salesman problem, the vehicle routing problem, the problem of graph coloring, the quadratic assignment problem etc. Here an ant colony optimization (ACO) approach for the PERT network is presented.