Abstract
There is a relationship of unity of opposites between the construction and operation period of the project.When the construction period of the project is shorten and the project is put into production in advance, income of operation period will be increased, at the same time, it will cause the increase of construction cost.Combining time-cost optimization with the financial evaluation of the project, from the perspective of the owner, on the basis of considering the capital time-value and the impact of large equipment replacement on the income of operation period, time-cost dynamic optimization model which maximize the project life-cycle net present value and is proved to be necessary and feasible through the case is established.
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