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Schedules Optimization with the Use of Value Engineering and NPV Maximization

Author

Listed:
  • Jerzy Rosłon

    (Civil Engineering Faculty, Warsaw University of Technology, 00-661 Warszawa, Poland)

  • Mariola Książek-Nowak

    (Civil Engineering Faculty, Warsaw University of Technology, 00-661 Warszawa, Poland)

  • Paweł Nowak

    (Civil Engineering Faculty, Warsaw University of Technology, 00-661 Warszawa, Poland)

Abstract

Construction program, spatial, architectural, and structural decisions taken in the early stages of a project have a significant impact on meeting the goals and needs of the client. The use of principles and methods of value management allows for an in-depth analysis of the project assumptions from the investor’s perspective and leads to the best ratio of the project’s utility value/sustainability to the price of its implementation. However, analysis of literature sources allows to state that optimization of the economic value of the project takes place only in the preimplementation phase of the project. This paper presents the original concept of combining issues of construction project’s utility and economic value optimization. The model enables the maximization of the utility value of the subject of the project, taking into account its economic parameters. To support the implementation of the model, a schedule optimization procedure was developed using metaheuristic algorithm. The model was demonstrated on the basis of a case study. The presented proprietary approach to optimize the construction schedule taking into account the economic and sustainability of a construction project can be used in “design and build” projects, with particular emphasis on projects managed in the sustainable Project Management system.

Suggested Citation

  • Jerzy Rosłon & Mariola Książek-Nowak & Paweł Nowak, 2020. "Schedules Optimization with the Use of Value Engineering and NPV Maximization," Sustainability, MDPI, vol. 12(18), pages 1-20, September.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:18:p:7454-:d:411673
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    References listed on IDEAS

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    1. J Zhou & P E D Love & X Wang & K L Teo & Z Irani, 2013. "A review of methods and algorithms for optimizing construction scheduling," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 64(8), pages 1091-1105, August.
    2. Peteghem, Vincent Van & Vanhoucke, Mario, 2010. "A genetic algorithm for the preemptive and non-preemptive multi-mode resource-constrained project scheduling problem," European Journal of Operational Research, Elsevier, vol. 201(2), pages 409-418, March.
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    Citations

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    Cited by:

    1. Ahmed Farouk Kineber & Idris Othman & Ayodeji Emmanuel Oke & Nicholas Chileshe & Mohanad Kamil Buniya, 2020. "Identifying and Assessing Sustainable Value Management Implementation Activities in Developing Countries: The Case of Egypt," Sustainability, MDPI, vol. 12(21), pages 1-20, November.
    2. Janusz Kulejewski & Jerzy Rosłon, 2023. "Optimization of Ecological and Economic Aspects of the Construction Schedule with the Use of Metaheuristic Algorithms and Artificial Intelligence," Sustainability, MDPI, vol. 15(1), pages 1-26, January.
    3. Janusz Kulejewski & Nabi Ibadov & Jerzy Rosłon & Jacek Zawistowski, 2021. "Cash Flow Optimization for Renewable Energy Construction Projects with a New Approach to Critical Chain Scheduling," Energies, MDPI, vol. 14(18), pages 1-15, September.
    4. Borna Dasović & Uroš Klanšek, 2022. "A Review of Energy-Efficient and Sustainable Construction Scheduling Supported with Optimization Tools," Energies, MDPI, vol. 15(7), pages 1-17, March.
    5. Wojciech Terlikowski, 2022. "Problems and Technical Issues in the Diagnosis, Conservation, and Rehabilitation of Structures of Historical Wooden Buildings with a Focus on Wooden Historic Buildings in Poland," Sustainability, MDPI, vol. 15(1), pages 1-31, December.

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