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Realizing value from project implementation under uncertainty: an exploratory study using system dynamics

Realizing value from project implementation under uncertainty: an exploratory study using system dynamics
Realizing value from project implementation under uncertainty: an exploratory study using system dynamics
Project Implementation is not a trivial task even after careful planning and scheduling. One of the reasons is the existence of unexpected events at strategic and operational levels during the project execution process. This paper presents a system dynamics model of a project monitoring and control system. Embedded with both strategic and tactical uncertainties, the model experiments with typical remedial actions to disturbances during the implementation of a project under a behavioral paradigm. Simple proportional adjustment seems to work well under low levels of unexpected disturbances but prospect theory-based behavior works better under extreme situations. Our findings indicate over-reacting behavior, which is influenced by biases and reporting errors, can generate project escalation. Thus, thresholds for remedial actions should be implemented in project control and monitoring systems to avoid over-reacting behavior leading to escalation and waste of resources.
0263-7863
341-352
Wang, Lin
82527212-6487-4bb9-85d2-5e186ac79df1
Kunc, Martin
0b254052-f9f5-49f9-ac0b-148c257ba412
Bai, Si-Jun
2926c996-b47f-429d-9aee-3b1ee7149db9
Wang, Lin
82527212-6487-4bb9-85d2-5e186ac79df1
Kunc, Martin
0b254052-f9f5-49f9-ac0b-148c257ba412
Bai, Si-Jun
2926c996-b47f-429d-9aee-3b1ee7149db9

Wang, Lin, Kunc, Martin and Bai, Si-Jun (2017) Realizing value from project implementation under uncertainty: an exploratory study using system dynamics. International Journal of Project Management, 35 (3), 341-352. (doi:10.1016/j.ijproman.2017.01.009).

Record type: Article

Abstract

Project Implementation is not a trivial task even after careful planning and scheduling. One of the reasons is the existence of unexpected events at strategic and operational levels during the project execution process. This paper presents a system dynamics model of a project monitoring and control system. Embedded with both strategic and tactical uncertainties, the model experiments with typical remedial actions to disturbances during the implementation of a project under a behavioral paradigm. Simple proportional adjustment seems to work well under low levels of unexpected disturbances but prospect theory-based behavior works better under extreme situations. Our findings indicate over-reacting behavior, which is influenced by biases and reporting errors, can generate project escalation. Thus, thresholds for remedial actions should be implemented in project control and monitoring systems to avoid over-reacting behavior leading to escalation and waste of resources.

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Accepted/In Press date: 12 January 2017
e-pub ahead of print date: 27 January 2017
Published date: 1 April 2017

Identifiers

Local EPrints ID: 427760
URI: http://eprints.soton.ac.uk/id/eprint/427760
ISSN: 0263-7863
PURE UUID: 23d5e250-bef2-410c-a3ab-4174121a2d76
ORCID for Martin Kunc: ORCID iD orcid.org/0000-0002-3411-4052

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Date deposited: 28 Jan 2019 17:30
Last modified: 27 Apr 2022 05:25

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Contributors

Author: Lin Wang
Author: Martin Kunc ORCID iD
Author: Si-Jun Bai

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