Estimating the Project's Utility by Means of Harmonization Theory
System's utility, multi-parametrical harmonization theory, PERT-COST network projects with random activity durations, independent and dependent basic parameters, Two level optimization algorithm, Partial harmonization model
This paper is a generalization of our previous publications [2,19-20] where some newly developed models of the harmonization theory, together with various practical applications, have been outlined. The goal of the paper under consideration is to describe in depth both the general concepts of the harmonization theory and the fitness of the latter by citing an example from a widely used class of stochastic network projects (PERT-COST models). Harmonization theory is a multi-parametric optimization model in order to maximize the system's utility as a generalized quality measure of the system's functioning. We have implemented all the principles of the developed theory in a PERT-COST project and have outlined all the mechanisms to evaluate the project's utility. A numerical example is presented.