A dynamic model for project review in the construction industry

Abstract

project review plays an essential role in the project management. It evaluates the past, current situations of the project and predicts for its future. It enables project managers to understand the real situation of the project and provides them with the relevant information which enables then to make decisions as early as possible either to continue or terminate the project in order to save money and labor and invest them on another successful one. This paper introduces a new technique in conducting project review. The generic Meta model constructed in this paper captures the main important variables, which need to be considered in performing a successful project review. This Meta model introduces to construct a generic stock and flow model using system dynamics methodology. The stock and flow model enables the project management decision makers to try different situations and find out the best for the project. This model has been verified using a case study from a construction industry and simulating different scenarios.