Simulated Annealing-Based Time–Cost Trade-Off Model for Construction Projects

Abstract

AbstractCompleting the construction project in minimum time and cost are the two main concerning objectives of projects’ stakeholders. In addition to plethora of methods for the development of time–cost trade-off (TCT) models, this paper provides a simulated annealing-based TCT model. A construction activity has several alternatives with different amount of resources, due to which each alternative has different amount of execution time and cost. Many ways to deliver the project are possible based on the possible combinations of activities alternatives. This model is developed in such a way that it facilitates the searching of optimal ways to deliver the project in desired duration and minimum cost. The applicability of the proposed TCT model is demonstrated through solving a case study project. From the results, minimum cost of project is found at different–different amount of project time. Measure of hyper-volume and results comparisons of proposed model with genetic algorithm-based TCT model demonstrate the efficiency of proposed model. Besides, the developed model is expected to be beneficial in making the decision about time–cost of project.KeywordsConstruction projectTime–cost trade-offSimulated annealingGenetic algorithm