The time‐cost trade‐off analysis in construction project using computer simulation and interactive procedure

Abstract Several criteria must be considered while preparing the schedule of a construction project. The completion time and project cost are analyzed in most cases. Additionally, the risk related to the criteria has to be taken into account as well. Thus, project planning problem can be denned as a multicriteria decision problem under risk. In this paper, a project scheduling problem including time‐cost trade‐offs is analyzed. We assume that various resource allocations can be considered. A new technique based on computer simulation and interactive approach is proposed. In the first step, simulation experiments are performed to evaluate decision alternatives with respect to the criteria. An interactive technique INSDECM is employed for generating the final solution of the problem. The procedure uses stochastic dominance rules for comparing decision alternatives with respect to the criteria. A numerical example is presented to illustrate the applicability of the technique.

[1]  Eric T. T. Wong,et al.  A fuzzy stochastic technique for project selection , 2000 .

[2]  Jean-Marc Martel,et al.  Multiattribute Analysis Based on Stochastic Dominance , 1994 .

[3]  Josef Hadar,et al.  Rules for Ordering Uncertain Prospects , 1969 .

[4]  S. Chanas,et al.  THE USE OF FUZZY VARIABLES IN PERT , 1981 .

[5]  Roman Slowinski,et al.  Fuzzy priority heuristics for project scheduling , 1996, Fuzzy Sets Syst..

[6]  Po-Han Chen.  Integration of cost and schedule using extensive matrix method and spreadsheets , 2008 .

[7]  Maciej A. Nowak,et al.  Investment projects evaluation by simulation and multiple criteria decision aiding procedure , 2005 .

[8]  Wlodzimierz Ogryczak,et al.  From stochastic dominance to mean-risk models: Semideviations as risk measures , 1999, Eur. J. Oper. Res..

[9]  Sou-Sen Leu,et al.  A GA-based fuzzy optimal model for construction time-cost trade-off , 2001 .

[10]  Osama Moselhi,et al.  Project Selection Considering Risk , 1993 .

[11]  R. L. Keeney,et al.  Decisions with Multiple Objectives: Preferences and Value Trade-Offs , 1977, IEEE Transactions on Systems, Man, and Cybernetics.

[12]  Nicolai Siemens.  A Simple CPM Time-Cost Tradeoff Algorithm , 1971 .

[13]  Can Akkan,et al.  Network decomposition-based benchmark results for the discrete time-cost tradeoff problem , 2005, Eur. J. Oper. Res..

[14]  Ilan Vertinsky,et al.  Stochastic Dominance Rules for Multi-attribute Utility Functions , 1978 .

[15]  Martin Skutella,et al.  Approximation Algorithms for the Discrete Time-Cost Tradeoff Problem , 1997, Math. Oper. Res..

[16]  Osama Moselhi,et al.  Schedule compression using the direct stiffness method , 1993 .

[17]  Wlodzimierz Ogryczak,et al.  On consistency of stochastic dominance and mean–semideviation models , 2001, Math. Program..

[18]  D. R. Fulkerson.  A Network Flow Computation for Project Cost Curves , 1961 .

[19]  Salah E. Elmaghraby,et al.  Activity networks: Project planning and control by network models , 1977 .

[20]  Chung-Wei Feng,et al.  Using genetic algorithms to solve construction time-cost trade-off problems , 1997 .

[21]  Maciej Nowak,et al.  INSDECM - an interactive procedure for stochastic multicriteria decision problems , 2006, Eur. J. Oper. Res..

[22]  D. K. H. Chua Senior,et al.  A TIME-COST TRADE-OFF MODEL WITH RESOURCE CONSIDERATION USING GENETIC ALGORITHM , 1997 .

[23]  John F. Muth,et al.  A Dynamic Programming Algorithm for Decision CPM Networks , 1979, Oper. Res..

[24]  James E. Kelley,et al.  Critical-Path Planning and Scheduling: Mathematical Basis , 1961 .

[25]  A. Ang,et al.  Analysis of Activity Networks under Uncertainty , 1975 .