Liu, J and Rahbar, F (2004) Project time-cost trade-off optimization by maximal flow theory. Journal of Construction Engineering and Management, 130(4), pp. 607-609. ISSN 0733-9364
Abstract
Time and cost are related on projects. Project managers are frequently required to make time-cost trade-offs. With the complexity of large projects and the schedule impact of time-cost modifications, decisions on time-cost optimization are usually done on a hit or miss basis. This technical note presents an innovative technique that can be used to automate and optimize the time-cost trade-off process. The technique is based on "maximum flow-minimal cut" theory. The method is an improvement over current practice.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | project management; scheduling |
| Index terms: | cost optimization, scheduling, complexity, project manager, time-cost trade-off, project management |
| Subjects: | profession, operations research, economics, quantity surveying, project management theory and practice, systems engineering |
| Topics: | Project Management, Engineering Principles, Cost Management, Roles and Professions, Risk Management, Time Control |
| Descriptive scope: | 2 PC |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here