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

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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.

Item Type:	Journal Article
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Divisions:	Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH):	Project management., System analysis., Organizational behavior., Uncertainty.
Journal or Publication Title:	International Journal of Project Management
Publisher:	Pergamon
ISSN:	0263-7863
Official Date:	April 2017
Dates:	Date Event April 2017 Published 27 January 2017 Available 12 January 2017 Accepted 26 August 2016 Submitted
Date of first compliant deposit:	6 February 2017
Volume:	35
Number:	3
Page Range:	pp. 341-352
DOI:	10.1016/j.ijproman.2017.01.009
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Funder:	China Scholarship Council (CSC), Guo jia zi ran ke xue ji jin wei yuan hui (China) [National Natural Science Foundation of China] (NSFC), Shaanxi Soft Science Research Program (SSSRP), China. Fundamental Research Funds for the Central Universities (FRFCU)
Grant number:	71172123 (NSFC), 2015KRM039 (SSSRP), 310828161001 (FRFCU)
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