Chance-Constrained Time–Cost Tradeoff Analysis Considering Funding Variability
Publication: Journal of Construction Engineering and Management
Volume 131, Issue 9
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.
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Acknowledgments
The writer wishes to thank the anonymous reviewers for their constructive suggestions. The present research is financially supported by National Science Council, Taiwan under Grant No. NSCTNSC-93-2211-E-032-019.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 131 • Issue 9 • September 2005
Pages: 1002 - 1012
Copyright
© 2005 ASCE.
History
Received: Dec 23, 2003
Accepted: Apr 8, 2005
Published online: Sep 1, 2005
Published in print: Sep 2005
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