Time-Cost Optimization of Construction Projects with Generalized Activity Constraints
Publication: Journal of Construction Engineering and Management
Volume 131, Issue 10
Abstract
Time-cost analysis is an important element of project scheduling, especially for lengthy and costly construction projects, as it evaluates alternative schedules and establishes an optimum one considering any project completion deadline. Existing methods for time-cost analysis have not adequately considered typical activity and project characteristics, such as generalized precedence relationships between activities, external time constraints, activity planning constraints, and bonuses/penalties for early/delayed project completion that would provide a more realistic representation of actual construction projects. The present work aims to incorporate such characteristics in the analysis and has developed two solution methods, an exact and an approximate one. The exact method utilizes a linear/integer programming model to provide the optimal project time-cost curve and the minimum cost schedule considering all activity time-cost alternatives together. The approximate method performs a progressive project length reduction providing a near-optimal project time-cost curve but it is faster than the exact method as it examines only certain activities at each stage. In addition, it can be easily incorporated in project scheduling software. Evaluation results indicate that both methods can effectively simulate the structure of construction projects, and their application is expected to provide time and cost savings.
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Information
Published In
Journal of Construction Engineering and Management
Volume 131 • Issue 10 • October 2005
Pages: 1115 - 1124
Copyright
© 2005 ASCE.
History
Received: Aug 5, 2004
Accepted: Dec 9, 2004
Published online: Oct 1, 2005
Published in print: Oct 2005
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