A Risk Minimization Model for a Multi-Skilled, Multi-Mode Resource-Constrained Project Scheduling Problem with Discrete Time-Cost-Quality-Risk Trade-Off

A novel model called Multi-Skilled, Multi-Mode Resource-Constrained Project Scheduling Problem with Discrete Time-Cost-Quality-Risk Trade-Off (MS-MRCPSP-DTCQRTP) was formulated, focusing primarily on minimizing project risks. This integer programming-based model generates various schedules that aim to optimize time, cost, quality, and risk, either individually or by achieving a balanced combination of these factors. By allocating accessible resources to the tasks of the project and adhering to precedence and resource constraints dictated by availability and skills, a collection of viable schedules was generated. Using a uniform distribution for time, cost, quality, and risk, three project case studies were derived from existing literature and expanded upon. These case studies were then employed to showcase the model. To generate optimal solutions, an open-source Python-MIP package employing the branch-and-cut methodology was employed. It was found that time is not a factor in minimizing the risk of a project, except for large-scale projects. Meanwhile, cost is a factor in all sizes of the project. Quality has no significant impact on risk. Project managers must strike a balance between resources that contain skills set with short to medium duration, moderate to high cost, and moderate to high-quality level to minimize project risk.