Application of Simulation Tool for Strategic Decision Evaluation in Life Cycle Project Management

This paper focuses on a new application for simulation as a tool specifically designed for holistic evaluation of project functionality within a life cycle project management framework. The authors describe a methodology for development of the aforementioned simulation tool, dubbed as DSMS (Dynamic Simulation Modeling System), devoted to Project Management decision making. The simulation model can act as a dynamic vehicle for optimizing technical and operational functionality at both development and operational phases of projects. Thus the simulation approach is considered as an added facility in the quest for optimizing decisions to resolve progressively market and external uncertainties associated typically with the project?s environment.