A dynamic feasibility analysis of public investment projects: An integrated approach using system dynamics and agent-based modeling

Haejin Jo, Hakyeon Lee, Yongyoon Suh, Jieun Kim, Yongtae Park

Research output: Contribution to journalArticlepeer-review

41 Scopus citations

Abstract

Increasingly, public sector investment projects face a dynamic environment that incorporates both macroscopic system and microscopic individuals. Prior attempts to analyze the feasibility of those projects, however, have been subject to limitations in accommodating such environmental changes. As a remedial measure, the combination of system dynamics (SD) and agent-based modeling (ABM) is proposed due to their complementary strengths. Consequently, this paper suggests a new approach to dynamic feasibility analysis for public investment projects through an integrated simulation model using SD and ABM. The former SD part elucidates the relationships among system elements that constitute project's benefits and costs, while the latter ABM part depicts users' emergent behavior with their heterogeneity. A bridge construction case study demonstrates the applicability of the proposed approach. The findings show that the proposed approach can provide a valuable and flexible framework for analyzing project feasibility in a dynamic environment.

Original languageEnglish
Article number1803
Pages (from-to)1863-1876
Number of pages14
JournalInternational Journal of Project Management
Volume33
Issue number8
DOIs
StatePublished - Nov 2015

Keywords

  • Agent-based modeling
  • Dynamic feasibility
  • Integrated approach
  • Public investment projects
  • System dynamics

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