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Ahuja, H N and Aranachalam, V (1984) Risk Evaluation in Resource Allocation. Journal of Construction Engineering and Management, 110(03), 324–36.
- Type: Journal Article
- Keywords: Resource allocation; Risk management; Scheduling; Decision making; Project management;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)0733-9364(1984)110:3(324)
Conventional resource allocation procedures implicitly assume that the availability of resources is certain. In real life situations, their availability is, at times, uncertain. A Risk Evaluation Model (REM) is proposed to systematically evaluate the uncertainty of resource availability and generate several alternatives having varying project completion time, cost, and performance probability. REM can aid a contractor in “bid/no‐bid” decision‐making, an entrepreneur in investment decision‐making, and a consultancy organization in corporate planning.