On Some Optimal Control Problems Arising from Project Management

Zimin, I. (1975). On Some Optimal Control Problems Arising from Project Management. IIASA Working Paper. IIASA, Laxenburg, Austria: WP-75-006

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Abstract

The complexity of modern industrial and governmental enterprises with the consequent increase in the quantity and sophistication of managerial decisions, on the one hand, and the fact that the payoffs from good decisions are greater than ever before, on the other hand, offer a challenge to build up conforming scientific methods for decision making.

The systems programmed approach or the programmed control method is a practical method to manage large and complex systems. In general it is a feed-back decision-making process which implies many time planning processes and consists of such elements as forecasting, formulation of goals and objectives, collection of available alternative strategies to achieve the goals, selection of the best alternative, realization of the strategy, comparison of the results with predicted outcome, new forecasting, reformulation of goals and so on.

Thus the process includes both formal (strict) and informal (heuristic) procedures.

To find the application and to emphasize the necessity for using rigorous mathematical methods in the decision-making process in the economic systems, we shall briefly describe some decision-making elements and the corresponding mathematical models.

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