Assessing the Time-Cost Trade-Off of Construction Projects

Abstract:

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By using Genetic Algorithms (GAs), a resource-integrated model is presented to identify the relationships between project time and cost in consideration of the changes in resource efficiency under different working durations. Under the assumption of a non-linear quadratic relationship between resource efficiency and working duration, the minimum and maximum project costs for different project completion times are easily identified and the trade-off relationships between the project time and cost are clearly presented by using the proposed model and a case study. The research results logically suggest that the greater the adjustable range of activity durations, the lower the minimum project cost for a specific project’s completion time will be, and the greater the value of an activity is, the later the activity will be adjusted.

Info:

Periodical:

Advanced Materials Research (Volumes 243-249)

Edited by:

Chaohe Chen, Yong Huang and Guangfan Li

Pages:

6394-6399

DOI:

10.4028/www.scientific.net/AMR.243-249.6394

Citation:

W. Lo and M. E. Kuo, "Assessing the Time-Cost Trade-Off of Construction Projects", Advanced Materials Research, Vols. 243-249, pp. 6394-6399, 2011

Online since:

May 2011

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Price:

$35.00

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