W e plan a long-term project schedule for which the total budget depends upon the year the project finishes. Each task in the project can begin only when all its predecessor tasks have been completed, and each task has a range of feasible durations with a month-bymonth cost profile for each duration. A task start can be delayed, but once started for some chosen duration, a task cannot be interrupted. Each task suffers some risk of delay and changed cost. Ignoring budget constraints, we use

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... Carlo simulation of the duration of each task in the project to infer the probability distribution of the project completion time. We then optimize a deterministic project schedule following budget guidance. Finally, we successively reschedule as the project progresses, simulating annual review of active tasks, and possibly delaying each active task's duration and changing its monthly costs for its forecast duration. We do not require an independence assumption, so we can accommodate learning effects from completed tasks. U.S. Army Future Combat Systems (FCS) is our motivating application. FCS is a complex of information technologies, sensors, and command systems expected to require more than a decade and $16 billion to develop. The U.S. General Accounting Office finds FCS at significant risk of cost and schedule growth, and suggests two alternatives to a baseline Army plan. We analyze these three alternate project plans for FCS to discover which one can most likely be completed soonest and cheapest. "Now, I'll manage better this time." Alice in Wonderland Report Documentation Page Form Approved OMB No. 0704-0188 Public reporting burden for the collection of information is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to Washington Headquarters Services, Directorate for Information Operations and Reports, 1215 Jefferson Davis Highway, Suite 1204, Arlington VA 22202-4302. Respondents should be aware that notwithstanding any other provision of law, no person shall be subject to a penalty for failing to comply with a collection of information if it does not display a currently valid OMB control number.