Lee, H S and Yi, K J (1999) Application of mathematical matrix to integrate project schedule and cost. Journal of Construction Engineering and Management, 125(5), pp. 339-346. ISSN 0733-9364
Abstract
This research is a numerical approach to the integration of the time and cost data sets for construction projects, which addresses the conflicts between them. Mathematical matrices are introduced to show the interrelationships between the time and cost data sets and their effect on each other, and to solve the conflict due to the differences between work breakdown structure and cost breakdown structure. Several matrices of time and cost data sets of construction projects are defined. The interrelationships among the matrices are investigated and several time- and cost-related matrix equations are presented. Based on the equations, this research develops a project planning and control algorithm that estimates the expected project cost and duration and evaluates the project economy using the matrix equations derived here. The matrix application is implemented through a spreadsheet program in which the matrices are automatically connected with each other. A case study involving a housing project is performed to verify the capability and utility of this computerized matrix application in integrating project time and cost.
| Item Type: | Article |
|---|---|
| Index terms: | construction project, housing project, duration, project cost, estimate, case study, project planning, program, cost data, integration, control algorithm, spreadsheet |
| Subjects: | accounting and finance, control systems, economics, data science, data collection methods, algorithms, organizational analysis, financial and cost management, project controls, software systems, housing and residential development, production management |
| Topics: | Urban Studies, Organizational Design, Research Practice, Time Control, Project Management, Digital Applications, Cost Management |
| Descriptive scope: | 3 PCE |
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