Applying a Genetic Algorithm-Based Multiobjective Approach for Time-Cost Optimization
Publication: Journal of Construction Engineering and Management
Volume 130, Issue 2
Abstract
Reducing both project cost and time (duration) is critical in a competitive environment. However, a trade-off between project time and cost is required. This in turn requires contracting organizations to carefully evaluate various approaches to attaining an optimal time-cost equilibrium. Although several analytical models have been developed for time-cost optimization (TCO), they mainly focus on projects where the contract duration is fixed. The optimization objective in those cases is therefore restricted to identifying the minimum total cost only. With the increasing popularity of alternative project delivery systems, clients and contractors are targeting the increased benefits and opportunities of seeking an earlier project completion. The multiobjective model for TCO proposed in this paper is powered by techniques using genetic algorithms (GAs). The proposed model integrates the adaptive weights derived from previous generations, and induces a search pressure toward an ideal point. The concept of the GA-based multiobjective TCO model is illustrated through a simple manual simulation, and the results indicate that the model could assist decision-makers in concurrently arriving at an optimal project duration and total cost.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 130 • Issue 2 • April 2004
Pages: 168 - 176
Copyright
Copyright © 2004 American Society of Civil Engineers.
History
Received: Jul 8, 2002
Accepted: Dec 4, 2002
Published online: Mar 15, 2004
Published in print: Apr 2004
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