Academic Journal
Assessing the Value of Flexibility in Large Projects.
| Τίτλος: | Assessing the Value of Flexibility in Large Projects. |
|---|---|
| Συγγραφείς: | Harel, Yaniv1 (AUTHOR) yaniv10@tauex.tau.ac.il, Tishler, Asher2 (AUTHOR) ashert@tauex.tau.ac.il, Dvir, Dov3 (AUTHOR), Carmeli, Abraham2 (AUTHOR) avic@tauex.tau.ac.il |
| Πηγή: | Decision Analysis (INFORMS). Jun2026, Vol. 23 Issue 2, p129-148. 20p. |
| Θεματικοί όροι: | *Project management, *Uncertainty (Information theory), *Organizational resilience, *Resource allocation, Construction projects, Technological risk assessment |
| Περίληψη: | Large projects are complex undertakings that often involve lengthy execution, sizable budget, and substantial uncertainty. A large project is typically managed as a single, holistic program. This study compares the execution of a large project as a one-shot project (LT) with its execution via a series of smaller, possibly shorter-term projects (SQ). We develop analytical models to evaluate the LT and SQ approaches pointing to the fundamental role of flexibility in project management, under varying conditions of project complexity, environmental dynamics, resource constraints, and uncertainty. Our findings indicate that LT is favored when the environment is stable, and SQ is preferred when the project budget is very high, project integration costs are low, and the rate of reduction over time in the suitability of the project outcome to its intended requirement is high. In addition, we show how technological uncertainty and uncertainty about the importance of the project's outcome at the time of project completion affect the choice between LT and SQ. The analysis of several real-world case studies highlights the importance of flexible execution in large projects within dynamic environments. Funding: This work was supported by the Archimedes Center, The Henry Crown Institute of Business Research in Israel, and Blavatnik Interdisciplinary Cyber Research Center (ICRC) at Tel Aviv University. [ABSTRACT FROM AUTHOR] |
| Copyright of Decision Analysis (INFORMS) is the property of INFORMS: Institute for Operations Research & the Management Sciences and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Βάση Δεδομένων: | Business Source Index |
| FullText | Text: Availability: 0 |
|---|---|
| Header | DbId: bsx DbLabel: Business Source Index An: 194363668 RelevancyScore: 1492 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 1491.61413574219 |
| IllustrationInfo | |
| Items | – Name: Title Label: Title Group: Ti Data: Assessing the Value of Flexibility in Large Projects. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Harel%2C+Yaniv%22">Harel, Yaniv</searchLink><relatesTo>1</relatesTo> (AUTHOR)<i> yaniv10@tauex.tau.ac.il</i><br /><searchLink fieldCode="AR" term="%22Tishler%2C+Asher%22">Tishler, Asher</searchLink><relatesTo>2</relatesTo> (AUTHOR)<i> ashert@tauex.tau.ac.il</i><br /><searchLink fieldCode="AR" term="%22Dvir%2C+Dov%22">Dvir, Dov</searchLink><relatesTo>3</relatesTo> (AUTHOR)<br /><searchLink fieldCode="AR" term="%22Carmeli%2C+Abraham%22">Carmeli, Abraham</searchLink><relatesTo>2</relatesTo> (AUTHOR)<i> avic@tauex.tau.ac.il</i> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Decision+Analysis+%28INFORMS%29%22">Decision Analysis (INFORMS)</searchLink>. Jun2026, Vol. 23 Issue 2, p129-148. 20p. – Name: Subject Label: Subject Terms Group: Su Data: *<searchLink fieldCode="DE" term="%22Project+management%22">Project management</searchLink><br />*<searchLink fieldCode="DE" term="%22Uncertainty+%28Information+theory%29%22">Uncertainty (Information theory)</searchLink><br />*<searchLink fieldCode="DE" term="%22Organizational+resilience%22">Organizational resilience</searchLink><br />*<searchLink fieldCode="DE" term="%22Resource+allocation%22">Resource allocation</searchLink><br /><searchLink fieldCode="DE" term="%22Construction+projects%22">Construction projects</searchLink><br /><searchLink fieldCode="DE" term="%22Technological+risk+assessment%22">Technological risk assessment</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: Large projects are complex undertakings that often involve lengthy execution, sizable budget, and substantial uncertainty. A large project is typically managed as a single, holistic program. This study compares the execution of a large project as a one-shot project (LT) with its execution via a series of smaller, possibly shorter-term projects (SQ). We develop analytical models to evaluate the LT and SQ approaches pointing to the fundamental role of flexibility in project management, under varying conditions of project complexity, environmental dynamics, resource constraints, and uncertainty. Our findings indicate that LT is favored when the environment is stable, and SQ is preferred when the project budget is very high, project integration costs are low, and the rate of reduction over time in the suitability of the project outcome to its intended requirement is high. In addition, we show how technological uncertainty and uncertainty about the importance of the project's outcome at the time of project completion affect the choice between LT and SQ. The analysis of several real-world case studies highlights the importance of flexible execution in large projects within dynamic environments. Funding: This work was supported by the Archimedes Center, The Henry Crown Institute of Business Research in Israel, and Blavatnik Interdisciplinary Cyber Research Center (ICRC) at Tel Aviv University. [ABSTRACT FROM AUTHOR] – Name: AbstractSuppliedCopyright Label: Group: Ab Data: <i>Copyright of Decision Analysis (INFORMS) is the property of INFORMS: Institute for Operations Research & the Management Sciences and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.) |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=bsx&AN=194363668 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1287/deca.2025.0474 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 20 StartPage: 129 Subjects: – SubjectFull: Project management Type: general – SubjectFull: Uncertainty (Information theory) Type: general – SubjectFull: Organizational resilience Type: general – SubjectFull: Resource allocation Type: general – SubjectFull: Construction projects Type: general – SubjectFull: Technological risk assessment Type: general Titles: – TitleFull: Assessing the Value of Flexibility in Large Projects. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Harel, Yaniv – PersonEntity: Name: NameFull: Tishler, Asher – PersonEntity: Name: NameFull: Dvir, Dov – PersonEntity: Name: NameFull: Carmeli, Abraham IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 06 Text: Jun2026 Type: published Y: 2026 Identifiers: – Type: issn-print Value: 15458490 Numbering: – Type: volume Value: 23 – Type: issue Value: 2 Titles: – TitleFull: Decision Analysis (INFORMS) Type: main |
| ResultId | 1 |