Abstract
This paper addresses the problem of loading a finite capacity, stochastic (random) and dynamic multi-project system. The system is controlled by keeping a constant number of projects concurrently in the system. A new approach, based on the Cross-Entropy (CE) method, is proposed to determine optimal loading of the system. Through numerical experiments, we demonstrate the CE method performance and show new insights into its behavior in a noisy system. Particularly, we suggest a trade-off between the convergence time, the number of iterations and the noise level.
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This research was partially supported by the Inga and Hal Marcus Research Fund
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Cohen, I., Golany, B. & Shtub, A. Managing Stochastic, Finite Capacity, Multi-Project Systems through the Cross-Entropy Methodology. Ann Oper Res 134, 183–199 (2005). https://doi.org/10.1007/s10479-005-5730-1
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DOI: https://doi.org/10.1007/s10479-005-5730-1