Chassiakos, A P and Sakellaropoulos, S P (2005) Time-cost optimization of construction projects with generalized activity constraints. Journal of Construction Engineering and Management, 131(10), pp. 1115-1124. ISSN 0733-9364
Abstract
Time-cost analysis is an important element of project scheduling, especially for lengthy and costly construction projects, as it evaluates alternative schedules and establishes an optimum one considering any project completion deadline. Existing methods for time-cost analysis have not adequately considered typical activity and project characteristics, such as generalized precedence relationships between activities, external time constraints, activity planning constraints, and bonuses/penalties for early/delayed project completion that would provide a more realistic representation of actual construction projects. The present work aims to incorporate such characteristics in the analysis and has developed two solution methods, an exact and an approximate one. The exact method utilizes a linear/integer programming model to provide the optimal project time-cost curve and the minimum cost schedule considering all activity time-cost alternatives together. The approximate method performs a progressive project length reduction providing a near-optimal project time-cost curve but it is faster than the exact method as it examines only certain activities at each stage. In addition, it can be easily incorporated in project scheduling software. Evaluation results indicate that both methods can effectively simulate the structure of construction projects, and their application is expected to provide time and cost savings.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | computer programming; constraints; construction costs; optimization; project management; scheduling; time factors |
| Index terms: | penalty, integer programming, scheduling, construction cost, cost analysis, construction project, precedence relationship, project management, project scheduling, cost optimization, cost saving, programming |
| Subjects: | project controls, economics, operations research, project management theory and practice, algorithms, regulatory law, production management, programming, financial and cost management |
| Topics: | Digital Applications, Time Control, Project Management, Legal Issues, Cost Management |
| Descriptive scope: | 2 PC |
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