Cost Tradeoff Problem Research Articles

Review Paper on an Innovative Time-Cost-Quality Tradeoff Modeling of Building Construction Project Based on Resource Allocation

The time, quality, and cost are three important but contradictive objectives in a building construction project. It is a tough challenge for project managers to optimize them since they are different parameters. Tradeoffs between project duration, total cost, quality and risk are extensively discussed in the project scheduling. This paper tries to develop a Time, Cost and Quality optimization model that enables managers to optimize multi objectives. The model is from the project break down structure method where task resources in a construction project are divided in to series of activities and further in to construction labors, materials, equipment and administration. Quality is an important parameter correlating highly with time and cost parameters .But it is not a quantitative in nature , practical time cost , quality tradeoff models are seldom developed from previous research works of the literature. Although the objectives of cost and time must be mentioned frequently by natural numbers. This paper will present a new solution for solving time, cost, and quality tradeoff problem based on project break down structure method and task resource allocation. The resource utilized in a construction activity would eventually determine its construction time, cost, quality tradeoff model is finally generated based on correlations between construction activities.

A multi-objective decision making model based on TLBO for the time – cost trade-off problems

In a project schedule, it is possible to reduce the time required to complete a project by allocating extra resources for critical activities. However, accelerating a project causes additional expense. This issue is addressed by finding optimal set of time-cost alternatives and is known as the time-cost trade-off problem in the literature. The aim of this study is to identify the optimal set of time-cost alternatives using a multiobjective teaching-learning-based optimization (TLBO) algorithm integrated with the non-dominated sorting concept and is applied to successfully optimize the projects ranging from a small to medium large projects. Numerical simulations indicate that the utilized model searches and identifies optimal / near optimal trade-offs between project time and cost in construction engineering and management. Therefore, it is concluded that the developed TLBO-based multiobjective approach offers satisfactorily solutions for time–cost trade-off optimization problems.

Hybrid multiple objective evolutionary algorithms for optimising multi-mode time, cost and risk trade-off problem

Identifying and minimising the risks associated with time, and cost factors in construction projects are the main challenges for all parties involved. The objective of project management is to complete the scope of work on time, within budget and deliver a quality product in a safe fashion to maximise overall project success. This research presents a new hybrid multiple objective evolutionary algorithm based on hybridisation of Artificial Bee Colony (ABC) and differential evolution to facilitate time-cost-risk trade-off problems (MOABCDE-TCR). The proposed algorithm integrates core operations from Differential Evolution (DE) into the original ABC in order to enhance the exploration and exploitation capacity of the optimisation process. A numerical construction project case study demonstrates the ability of MOABCDE-generated non-dominated solutions to optimise TCR problem. Comparisons between the MOABCDE and currently widely used multiple objective algorithms verify the efficiency and effectiveness of the developed algorithm.

Applying utility theory in uncertain project environments with multiple goals

In project environments, normally, multiple conflicting goals are being incorporated for decision making which associated with uncertain and incomplete information. The main purpose of the project management process is to minimise total project cost and completion time simultaneously; however these affecting factors in project management are conflicting objectives and those have to be efficiently compromised. Going through literature indicated utility theory has not been previously applied in project management environment while deeply incorporated through economics sciences. This study applies the utility theory through solving cost and time trade-off problems in uncertain environments. Here, considering decision maker's (DM) preferences, cost and time utility functions are then determined. Further, the overall utility function has to be optimised. Since the proposed function appropriately assessed, the best decision is being made and maximum satisfaction for DM is reached.