Application of Chaos Theory in Project Management
Publication: Construction Research Congress 2024
ABSTRACT
Chaos theory, a mathematical discipline, delves into the behavior of dynamic systems highly susceptible to initial conditions, often called the butterfly effect. In project management, chaos theory becomes a tool for comprehending and predicting intricate systems, exemplified by large-scale engineering projects. Its application involves identifying and mitigating risks, improving decision-making, and enhancing overall project performance. By harnessing chaos theory, project managers attain profound insights into project dynamics, leading to more adept strategies for control and optimization. Consequently, the incorporation of chaos theory revolutionizes the management and refinement of complex systems. Nevertheless, scholarly exploration of chaos theory’s role in project management remains limited. This article aims to analyze the integration of chaos theory in project management and its specific benefits in the context of substantial engineering endeavors. It encompasses fundamental chaos theory principles, implementation techniques in project management, instances of successful real-world engineering projects, and prospects for future research in this domain.
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Construction Research Congress 2024
Pages: 601 - 610
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Published online: Mar 18, 2024
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