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Optimization for Project Cost Management

In: Application of Mathematics and Optimization in Construction Project Management

Author

Listed:
  • Leila M. Naeni

    (University of Technology Sydney, School of Built Environment)

  • Amir Salehipour

    (University of Technology Sydney, School of Built Environment)

Abstract

Success of projects is measured in terms of achieving the projects’ objectives. In almost every project, the main objective includes compliance with the project planned duration and budget. Therefore, time and cost management of project activities is important in any project. Project activities can often be performed in one of several alternatives, also known as modes or options, each with its unique duration and cost requirements. A common practice in project time and cost management consists of balancing between activities’ completion time and cost to ensure the project’s timely completion within the project budget. For that reason, project managers look for a set of modes that result in a desirable tradeoff between the duration and cost of activities. The time–cost tradeoff problem (TCTP) is an optimization problem aiming to find such a tradeoff. The TCTP has been extensively studied, resulting in several variants, as well as many exact and nonexact solution techniques. In this chapter, the TCTP is reviewed from an optimization standpoint: Basic models are discussed, and major solution techniques from the literature are explained.

Suggested Citation

  • Leila M. Naeni & Amir Salehipour, 2021. "Optimization for Project Cost Management," Springer Books, in: Hêriş Golpîra (ed.), Application of Mathematics and Optimization in Construction Project Management, chapter 0, pages 79-118, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-81123-5_4
    DOI: 10.1007/978-3-030-81123-5_4
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