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Robust Optimization for Time‐Cost Tradeoff Problem in Construction Projects

Author

Listed:
  • Ming Li
  • Guangdong Wu

Abstract

Construction projects are generally subject to uncertainty, which influences the realization of time‐cost tradeoff in project management. This paper addresses a time‐cost tradeoff problem under uncertainty, in which activities in projects can be executed in different construction modes corresponding to specified time and cost with interval uncertainty. Based on multiobjective robust optimization method, a robust optimization model for time‐cost tradeoff problem is developed. In order to illustrate the robust model, nondominated sorting genetic algorithm‐II (NSGA‐II) is modified to solve the project example. The results show that, by means of adjusting the time and cost robust coefficients, the robust Pareto sets for time‐cost tradeoff can be obtained according to different acceptable risk level, from which the decision maker could choose the preferred construction alternative.

Suggested Citation

  • Ming Li & Guangdong Wu, 2014. "Robust Optimization for Time‐Cost Tradeoff Problem in Construction Projects," Abstract and Applied Analysis, John Wiley & Sons, vol. 2014(1).
    • Handle: RePEc:wly:jnlaaa:v:2014:y:2014:i:1:n:926913
    DOI: 10.1155/2014/926913
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    References listed on IDEAS

    as
    1. Wei Zhang & Qingpu Zhang & Guangdong Wu, 2014. "Interorganizational Knowledge Division Decision Model Based on Cooperative Innovation of Supply Chain System," Abstract and Applied Analysis, Hindawi, vol. 2014, pages 1-9, April.
    2. De, Prabuddha & James Dunne, E. & Ghosh, Jay B. & Wells, Charles E., 1995. "The discrete time-cost tradeoff problem revisited," European Journal of Operational Research, Elsevier, vol. 81(2), pages 225-238, March.
    3. Wei Zhang & Qingpu Zhang & Guangdong Wu, 2014. "Interorganizational Knowledge Division Decision Model Based on Cooperative Innovation of Supply Chain System," Abstract and Applied Analysis, John Wiley & Sons, vol. 2014(1).
    4. Shen Yin & Steven Ding & Adel Abandan Sari & Haiyang Hao, 2013. "Data-driven monitoring for stochastic systems and its application on batch process," International Journal of Systems Science, Taylor & Francis Journals, vol. 44(7), pages 1366-1376.
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