Assessing the Time-Cost Trade-Off of Construction Projects
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.
Chaohe Chen, Yong Huang and Guangfan Li
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