Simulating the dynamic scheduling of project portfolios

A main challenge in project management is to provide methodologies that facilitate coordination among the projects in a portfolio or in a firm. Each incoming project in an existing portfolio affects its schedule, the resources availability and the planned performance. There are no analytical solutions for the problem of dynamic scheduling of resources for multiple projects in real time. Mathematical approaches, like integer programming or network based techniques, cannot describe the complexity of real problems (multi-projects environments have many interrelated elements), and have difficulties to adapt the analysis to dynamic changes. We propose a multi-agent system, where projects negotiate the procurement of resources through an auction mechanism all over the portfolio life. Both, projects and resources are modelled as agents. Projects demand resources for fulfilling their scheduled planned work, whereas resources offer their capabilities and workforce. This framework allows project portfolio management and the assessment in the decision of acceptance/rejection new projects. (c) 2010 Elsevier B.V. All rights reserved.