A Review of the Use of Game Theory in Project Management

Abstract

The growing literature on game theory models in project management is reviewed in this paper. A systematic study that includes collecting materials, defining the structural dimensions and categories, presenting a descriptive analysis, and evaluating the results has been carried out. Application areas of game theory in project management were explored and the research gaps were identified. The literature review revealed the need for studying knowledge-sharing mechanisms to enhance project governance and cooperation, developing dynamic models to integrate various sources of uncertainty, optimizing different financial objective functions to improve the project’s capital structure, developing integrated scheduling techniques to facilitate project planning and control, and formulating strategies to improve bidding under fierce competition. These findings contribute to identifying the promising directions in the management in engineering research.

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