Abstract
This paper presents a comprehensive model for cost optimization and dynamic project control. The model incorporates an integrated formulation for estimating, scheduling, resource management, and cash-flow analysis. The basic premise of the model is to allocate optional construction methods for each activity, varying from cheap and lengthy to expensive and short. Using a genetic algorithms procedure for total cost optimization, the model considers the actual progress of activities and optimizes the schedule of remaining ones (by determining the best combination of construction methods) so that project constraints are respected. The model, as such, is usable not only at the planning stage but also during construction. A description of the model and its application on an example project are provided in this paper. In addition, the paper introduces the recently emerged critical chain method for project control and describes an effort to incorporate some of its features into the earned-value analysis used in the proposed model.
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