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A Simple CPM Time-Cost Tradeoff Algorithm

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  • Nicolai Siemens

    (University of Georgia)

Abstract

This article describes an algorithm for efficiently shortening the duration of a project when the expected project duration exceeds a predetermined limit. The problem consists of determining which activities to expedite and by what amount. The objective is to minimize the cost of the project. This algorithm is considerably less complex than the analytic methods currently available. Because of its inherent simplicity, the algorithm is ideally suited for hand computation and also is suitable for computer solution. Solutions derived by the algorithm were compared with linear programming results. These comparisons revealed that the algorithm solutions are either (a) equally good or (b) nearly the same as the solutions obtained by more complex analytic methods which require a computer. With this method the CPM time-cost tradeoff problem is solved without access to a computer, thereby making this planning tool available to managers who otherwise would find implementation impractical.

Suggested Citation

  • Nicolai Siemens, 1971. "A Simple CPM Time-Cost Tradeoff Algorithm," Management Science, INFORMS, vol. 17(6), pages 354-363, February.
    • Handle: RePEc:inm:ormnsc:v:17:y:1971:i:6:p:b354-b363
    DOI: 10.1287/mnsc.17.6.B354
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    Cited by:

    1. Chen, Shih-Pin & Tsai, Ming-Jiun, 2011. "Time-cost trade-off analysis of project networks in fuzzy environments," European Journal of Operational Research, Elsevier, vol. 212(2), pages 386-397, July.
    2. Marcin Anholcer & Helena Gaspars-Wieloch, 2011. "Efficiency analysis of the Kaufmann and Dezbazeille algorithm for the deadline problem," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 21(1), pages 5-18.
    3. Vanhoucke, Mario, 2005. "New computational results for the discrete time/cost trade-off problem with time-switch constraints," European Journal of Operational Research, Elsevier, vol. 165(2), pages 359-374, September.
    4. Helena Gaspars, 2006. "A conception of a new algorithm for the project time-cost analysis," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 16(3-4), pages 5-27.
    5. R L Bregman, 2009. "Preemptive expediting to improve project due date performance," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 60(1), pages 120-129, January.
    6. Babu, A. J. G. & Suresh, Nalina, 1996. "Project management with time, cost, and quality considerations," European Journal of Operational Research, Elsevier, vol. 88(2), pages 320-327, January.
    7. Bregman, Robert L., 2009. "A heuristic procedure for solving the dynamic probabilistic project expediting problem," European Journal of Operational Research, Elsevier, vol. 192(1), pages 125-137, January.

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