{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T09:07:45Z","timestamp":1780650465133,"version":"3.54.1"},"reference-count":55,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Decision Analysis"],"published-print":{"date-parts":[[2026,6]]},"abstract":"<jats:p>Large projects are complex undertakings that often involve lengthy execution, sizable budget, and substantial uncertainty. A large project is typically managed as a single, holistic program. This study compares the execution of a large project as a one-shot project (LT) with its execution via a series of smaller, possibly shorter-term projects (SQ). We develop analytical models to evaluate the LT and SQ approaches pointing to the fundamental role of flexibility in project management, under varying conditions of project complexity, environmental dynamics, resource constraints, and uncertainty. Our findings indicate that LT is favored when the environment is stable, and SQ is preferred when the project budget is very high, project integration costs are low, and the rate of reduction over time in the suitability of the project outcome to its intended requirement is high. In addition, we show how technological uncertainty and uncertainty about the importance of the project\u2019s outcome at the time of project completion affect the choice between LT and SQ. The analysis of several real-world case studies highlights the importance of flexible execution in large projects within dynamic environments.<\/jats:p>\n                  <jats:p>Funding: This work was supported by the Archimedes Center, The Henry Crown Institute of Business Research in Israel, and Blavatnik Interdisciplinary Cyber Research Center (ICRC) at Tel Aviv University.<\/jats:p>","DOI":"10.1287\/deca.2025.0474","type":"journal-article","created":{"date-parts":[[2026,2,24]],"date-time":"2026-02-24T16:58:10Z","timestamp":1771952290000},"page":"129-148","source":"Crossref","is-referenced-by-count":0,"title":["Assessing the Value of Flexibility in Large Projects"],"prefix":"10.1287","volume":"23","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-9067-3708","authenticated-orcid":false,"given":"Yaniv","family":"Harel","sequence":"first","affiliation":[{"name":"Blavatnik Interdisciplinary Cyber Research Center (ICRC), Tel Aviv University, Tel Aviv 69978, Israel"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9479-8345","authenticated-orcid":false,"given":"Asher","family":"Tishler","sequence":"additional","affiliation":[{"name":"Coller School of Management, Tel Aviv University, Tel Aviv 69978, Israel"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Dov","family":"Dvir","sequence":"additional","affiliation":[{"name":"Department of Management, Ben Gurion University, Be\u2019er Sheva 84105, Israel"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1968-8998","authenticated-orcid":false,"given":"Abraham","family":"Carmeli","sequence":"additional","affiliation":[{"name":"Coller School of Management, Tel Aviv University, Tel Aviv 69978, Israel"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1002\/sys.21548"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1108\/eb040003"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2006.09.011"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2025.102675"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1287\/deca.1060.0075"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1287\/deca.1050.0040"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2017.05.007"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1115\/1.4025704"},{"key":"B9","volume-title":"Managing Project Risk and Uncertainty","author":"Chapman C","year":"2002"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1111\/1540-5885.1320105"},{"key":"B11","volume-title":"Project Management: Strategic Design and Implementation","author":"Cleland DI","year":"2006"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9310.00225"},{"issue":"5","key":"B13","first-page":"1133","volume":"78","author":"D\u2019Aspremont C","year":"1988","journal-title":"Amer. Econom. Rev."},{"issue":"1","key":"B14","first-page":"72","volume":"59","author":"Davies A","year":"2017","journal-title":"MIT Sloan Management Rev."},{"issue":"2","key":"B15","first-page":"60","volume":"43","author":"De-Meyer A","year":"2002","journal-title":"MIT Sloan Management Rev."},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.7551\/mitpress\/8292.001.0001"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1177\/8756972819896113"},{"key":"B18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1754-9434.2012.01444.x"},{"key":"B19","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2003.04.001"},{"issue":"4","key":"B20","first-page":"382","volume":"4","author":"Dvir D","year":"2003","journal-title":"Internat. J. Management Decision Making"},{"key":"B21","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9310.00247"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2017.08.015"},{"key":"B23","doi-asserted-by":"publisher","DOI":"10.1177\/1077800405284363"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1080\/10242694.2022.2161739"},{"key":"B25","doi-asserted-by":"publisher","DOI":"10.1287\/deca.2023.0072"},{"issue":"2","key":"B26","first-page":"125","volume":"8","author":"Grote G","year":"2018","journal-title":"Organ. Psych. Rev."},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.1145\/3057729"},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1016\/j.ejor.2014.03.023"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.47.1.85.10661"},{"key":"B30","first-page":"423","volume-title":"Handbook of Qualitative Organizational Research","author":"Kaplan S","year":"2015"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1287\/deca.2014.0305"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.1061\/JMENEA.MEENG-5678"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1109\/TEM.2015.2404873"},{"key":"B34","volume-title":"Project Management","author":"Lock D","year":"2007","edition":"9"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1177\/875697280503600305"},{"key":"B36","volume-title":"Fourth Generation R&D: Managing Knowledge, Technology and Innovation","author":"Miller WL","year":"1999"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1080\/08956308.1991.11670715"},{"key":"B38","volume-title":"Managing Technology and Innovation for Competitive Advantage","author":"Narayanan VK","year":"2001"},{"key":"B39","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2007.08.005"},{"key":"B40","volume-title":"Project Success: Definitions and Measurement Techniques","author":"Pinto JK","year":"1997"},{"key":"B41","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijproman.2022.09.001"},{"key":"B42","volume-title":"A Guide to the Project Management Body of Knowledge (PMBOK\u00ae Guide)","author":"Project Management Institute","year":"2021","edition":"7"},{"key":"B43","unstructured":"Salazar-Kish JM (2001) Modeling concurrency tradeoffs and their effects on project duration and rework. Doctoral dissertation, Stanford University, Stanford, CA."},{"key":"B44","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1050.0387"},{"key":"B45","doi-asserted-by":"publisher","DOI":"10.1080\/10242690600797273"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9310.1993.tb00823.x"},{"key":"B47","volume-title":"Reinventing Project Management: The Diamond Approach to Successful Growth and Innovation","author":"Shenhar AJ","year":"2007"},{"key":"B48","doi-asserted-by":"publisher","DOI":"10.1016\/S0024-6301(01)00097-8"},{"key":"B49","doi-asserted-by":"publisher","DOI":"10.1177\/875697281704800604"},{"key":"B50","doi-asserted-by":"publisher","DOI":"10.5465\/ame.2004.15268683"},{"key":"B51","doi-asserted-by":"publisher","DOI":"10.1287\/deca.1050.0041"},{"key":"B52","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-7187(02)00052-8"},{"key":"B53","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2007.07.006"},{"key":"B54","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijindorg.2008.12.004"},{"key":"B55","volume-title":"Real Options: Managerial Flexibility and Strategy in Resource Allocation","author":"Trigeorgis L","year":"1996"}],"container-title":["Decision Analysis"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/pubsonline.informs.org\/doi\/pdf\/10.1287\/deca.2025.0474","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T08:42:52Z","timestamp":1780648972000},"score":1,"resource":{"primary":{"URL":"https:\/\/pubsonline.informs.org\/doi\/10.1287\/deca.2025.0474"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,6]]},"references-count":55,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2026,6]]}},"alternative-id":["10.1287\/deca.2025.0474"],"URL":"https:\/\/doi.org\/10.1287\/deca.2025.0474","relation":{},"ISSN":["1545-8490","1545-8504"],"issn-type":[{"value":"1545-8490","type":"print"},{"value":"1545-8504","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,6]]}}}