Yang, I T (2005) Chance-constrained time-cost tradeoff analysis considering funding variability. Journal of Construction Engineering and Management, 131(9), pp. 1002-1012. ISSN 0733-9364
Abstract
This paper proposes a chance-constrained programming model to incorporate the variability of funding, which is quantified by the coefficient of variation. The proposed model formulates financial feasibility as a stochastic constraint, transforms it into a deterministic equivalent at a prespecified confidence level, and solves the system by means of classical optimization techniques. The time-cost curve generated by the proposed model serves as a foundation for optimizing total project cost. To demonstrate the uniqueness of the proposed model, it is compared to previous approaches through a small building example.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | computer aided scheduling; costs; optimization; project management; risk management; stochastic models; time factors; uncertainty principles |
| Index terms: | scheduling, variation, funding, tradeoff, risk management, programming, project cost, project management, variability, optimization technique |
| Subjects: | risk assessment, decision analysis, economic analysis, operations research, statistical analysis, algorithms, programming, contractual condition, project management theory and practice, economics |
| Topics: | Contract Administration, Risk Management, Business Strategy, Time Control, Research Practice, Project Management, Cost Management, Digital Applications |
| Descriptive scope: | 2 PC |
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