Genetic Algorithm Based Optimization Model for Time-Cost Trade-Off for Construction Project

Abstract

Abstract: The main cause of gradual development of project management is the necessity of controlling and optimizing the construction project’s objectives. In planning phase of construction project management, some objectives of proposed project are required to be set as per stakeholder’s perspective. Time and cost are of paramount importance objectives of construction project, which vary due to variation in the resource utilization amount. High-cost resources and advance technologies reduce the project time but make the project cost higher. While low-cost resources and traditional technologies give lower project cost but increase the project time. Basically, a construction project is said to be successful if it is completed in minimum possible time and cost. Therefore, the two fundamental goals of any building project are to do it as quickly and inexpensively as possible. The development of time-cost trade-off models has received a lot of focus. However, in addition to a wide range of approaches for time-cost trade-off (TCT) models, this work offers a TCT model based on a genetic algorithm. This model was created in a way that makes it easier to find the best approaches to complete the project on time and for the lowest possible cost. The applicability of proposed TCT model is demonstrated through solving two practically existing construction project. Outcomes of proposed model were found satisfactory based on statistical analysis.