Project Reliability Model Considering Time – Cost – Resource Relationship under Uncertainty

Since PERT was introduced in 1950's, many researchers have developed models to evaluate the probability of project success, which is to meet the target in terms of time and/or cost by considering uncertainty. This probability can be seen as the project reliability. In this paper, we proposed a model to measure project reliability with time and cost as the targets by considering resource availability under uncertainty. Typically, resource is also a factor that contributes to the time and cost uncertainty. Study in the field of project reliability has evolved but there were no further study re-viewing relationship between resources and both time and cost of the project. Therefore, in this research, we developed a model to explain various type of relationship among time, cost, and resource that mostly are prioritized in the project planning. We also provide a technical solution for this type of problem using Monte Carlo simulation. A numerical example is provided to give an illustration and to measure the level of practicability of this model to deal with real world problems.