Conference paper
Dimensioning a Product Development Project Portfolio Using a Closed Queueing Network
New product development processes are difficult to model as they are subject to high variability and are hard to monitor. In multi-project environments, one particular problem is to quantify the effects of changing the number of projects that run concurrently. In this paper, a closed queueing network model of the flow of projects in a product development system is presented.
The model is evaluated using discrete-event simulation. Using a relation between a project’s monetary value and the time it spends in the system, an optimal number of concurrent projects is determined. Application of the model and results are shown for a case study of a Danish biotechnology company.
Results show, that the value generated by the system can be increased by 17.5 percent by adjusting the total number of concurrent projects and by terminating low-value projects midway. Though the model is tailored to a specific system, it contains many features relevant for new product development systems in general.
| Language: | English |
|---|---|
| Publisher: | IEEE |
| Year: | 2018 |
| Pages: | 622-626 |
| Proceedings: | 2018 IEEE International Conference on Industrial Engineering and Engineering Management |
| ISBN: | 1538667851 , 153866786X , 153866786x , 1538667878 , 9781538667859 , 9781538667866 and 9781538667873 |
| ISSN: | 2157362x and 21573611 |
| Types: | Conference paper |
| DOI: | 10.1109/IEEM.2018.8607820 |
| ORCIDs: | Andersen, Jesper Fink and Nielsen, Bo Friis |
Discrete-event simulation Multi-project environment New Product Development Project Portfolio Management Queueing network Time-to-market
Biochemistry Biological system modeling Companies Danish biotechnology company Portfolios Product development Routing Servers biotechnology closed queueing network model discrete event simulation discrete-event simulation efficiency 17.5 percent new product development project portfolio process design product development project management
