Toward a dynamic simulation model for strategic decision-making in life-cycle project management
This paper argues that process simulation technology is an added facility in the quest for optimizing project decisions based on market and external uncertainties associated with the project's environment. The authors put forward a dynamic simulation modeling system (DSMS) as a tool for proactive and optimal decisionmaking in the project life cycle. DSMS is geared toward representing generic processes with a hierarchical and modular model structure. DSMS facilitates the optimization of technical and operational functionality during development and operation phases of projects. Project life-cycle objective functions are the basis for decision-making throughout the project's life. The paper reviews the limitations of the current systems' ranges and capabilities. A review of the existing simulation techniques leads to a discussion on the need for setting up an integrated model to encompass the entire project life cycle.