TY - JOUR
T1 - A dynamic feasibility analysis of public investment projects
T2 - An integrated approach using system dynamics and agent-based modeling
AU - Jo, Haejin
AU - Lee, Hakyeon
AU - Suh, Yongyoon
AU - Kim, Jieun
AU - Park, Yongtae
N1 - Publisher Copyright:
© 2015 Elsevier Ltd and Association for Project Management and the International Project Management Association.
PY - 2015/11
Y1 - 2015/11
N2 - 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.
AB - 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.
KW - Agent-based modeling
KW - Dynamic feasibility
KW - Integrated approach
KW - Public investment projects
KW - System dynamics
UR - http://www.scopus.com/inward/record.url?scp=84943581426&partnerID=8YFLogxK
U2 - 10.1016/j.ijproman.2015.07.002
DO - 10.1016/j.ijproman.2015.07.002
M3 - Article
AN - SCOPUS:84943581426
SN - 0263-7863
VL - 33
SP - 1863
EP - 1876
JO - International Journal of Project Management
JF - International Journal of Project Management
IS - 8
M1 - 1803
ER -