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Solving the Project Time/Cost Tradeoff Problem Using the Minimal Cut Concept

Author

Listed:
  • Steve Phillips, Jr.

    (University of South Florida)

  • Mohamed I. Dessouky

    (University of Illinois, Urbana)

Abstract

This paper introduces a solution procedure for solving the project time/cost tradeoff problem of reducing a project duration at a minimum cost. The solution to the time/cost problem is achieved by locating a minimal cut in a flow network derived from the original project network. This minimal cut is then utilized to identify the project activities which should experience a duration modification in order to achieve the total project reduction. The paper will document this cut-based procedure and provide a practical application to a project situation.

Suggested Citation

  • Steve Phillips, Jr. & Mohamed I. Dessouky, 1977. "Solving the Project Time/Cost Tradeoff Problem Using the Minimal Cut Concept," Management Science, INFORMS, vol. 24(4), pages 393-400, December.
    • Handle: RePEc:inm:ormnsc:v:24:y:1977:i:4:p:393-400
    DOI: 10.1287/mnsc.24.4.393
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    Cited by:

    1. Choi, Yunsik & Delise, Lisa A. & Lee, Brandon W. & Neely, Jerry, 2021. "Effective staffing of projects for reconciling conflict between cost efficiency and quality," International Journal of Production Economics, Elsevier, vol. 234(C).
    2. Martin Skutella, 1998. "Approximation Algorithms for the Discrete Time-Cost Tradeoff Problem," Mathematics of Operations Research, INFORMS, vol. 23(4), pages 909-929, November.
    3. 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.
    4. A B Hafızoğlu & M Azizoğlu, 2010. "Linear programming based approaches for the discrete time/cost trade-off problem in project networks," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(4), pages 676-685, April.
    5. Brucker, Peter & Drexl, Andreas & Mohring, Rolf & Neumann, Klaus & Pesch, Erwin, 1999. "Resource-constrained project scheduling: Notation, classification, models, and methods," European Journal of Operational Research, Elsevier, vol. 112(1), pages 3-41, January.
    6. Janiak, Adam, 1998. "Minimization of the makespan in a two-machine problem under given resource constraints," European Journal of Operational Research, Elsevier, vol. 107(2), pages 325-337, June.
    7. Cyril Briand & Sandra Ulrich Ngueveu & Přemysl Šůcha, 2017. "Finding an optimal Nash equilibrium to the multi-agent project scheduling problem," Journal of Scheduling, Springer, vol. 20(5), pages 475-491, October.
    8. 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.
    9. Šůcha, Přemysl & Agnetis, Alessandro & Šidlovský, Marko & Briand, Cyril, 2021. "Nash equilibrium solutions in multi-agent project scheduling with milestones," European Journal of Operational Research, Elsevier, vol. 294(1), pages 29-41.
    10. Jorgensen, Trond & Wallace, Stein W., 2000. "Improving project cost estimation by taking into account managerial flexibility," European Journal of Operational Research, Elsevier, vol. 127(2), pages 239-251, December.
    11. 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.
    12. Alessandro Agnetis & Cyril Briand & Sandra Ulrich Ngueveu & Přemysl Šůcha, 2020. "Price of anarchy and price of stability in multi-agent project scheduling," Annals of Operations Research, Springer, vol. 285(1), pages 97-119, February.

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