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The Discrete Time/Cost Trade-Off Problem Under Various Assumptions Exact And Heuristic Procedures

  • M. VANHOUCKE

    ()

  • D. DEBELS

    ()

Time/cost trade-offs in project networks have been the subject of extensive research since the development of the critical path method (CPM) in the late 50s. Time/cost behaviour in a project activity basically describes the trade-off between the duration of the activity and its amount of non-renewable resources (e.g. money) committed to it. In the discrete version of the problem (the discrete time/cost trade-off problem), it is generally accepted that the trade-off follows a discrete non-increasing pattern, i.e. expediting an activity is possible by allocating more resources (i.e. at a larger cost) to it. However, due to its complexity (the problem is known to be NP hard (see De et al. (1997)), the problem has been solved for relatively small instances. In this paper, we elaborate on three extensions of the well-known discrete time/cost trade-off problem in order to cope with more realistic settings: time/switch constraints, work continuity constraints and net present value maximization. We give an extensive literature overview of existing procedures for these problem types, and present an exact solution approach for the work continuity version, which is not being investigated yet. Moreover, we discuss a new meta-heuristic approach in order to provide near-optimal heuristic solutions for the different problems. We present computational results for the problems under study by comparing the results for both exact and heuristic procedures. We demonstrate that the heuristic algorithms produce consistently good results for two versions of the discrete time/cost trade-off problem.

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Paper provided by Ghent University, Faculty of Economics and Business Administration in its series Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium with number 05/314.

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Length: 36 pages
Date of creation: Jun 2005
Date of revision:
Handle: RePEc:rug:rugwps:05/314
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  1. Vandevoorde, S. & Vanhoucke, M., 2005. "A comparison of different project duration forecasting methods using earned value metrics," Vlerick Leuven Gent Management School Working Paper Series 2005-16, Vlerick Leuven Gent Management School.
  2. Sophie Claeys, & Gleb Lanine & Koen Schoors, 2005. "Bank Supervision Russian style: Rules versus Enforcement and Tacit Objectives," William Davidson Institute Working Papers Series wp778, William Davidson Institute at the University of Michigan.
  3. S. CLAEYS & G. LANINE & K. SCHOORs, 2005. "Bank Supervision Russian Style: Rules vs Enforcement and Tacit Objectives," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/307, Ghent University, Faculty of Economics and Business Administration.
  4. A. Heirman & B. Clarysse, 2005. "The imprinting effect of initial resources and market strategy on the early growth path of start-Ups," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/310, Ghent University, Faculty of Economics and Business Administration.
  5. A. Maes & G. Poels & F. Gailly & R. Paemeleire, 2005. "Measuring User Beliefs and Attitudes towards Conceptual Models: A Factor and Structural Equation Model," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/311, Ghent University, Faculty of Economics and Business Administration.
  6. P. Everaert & G. Sarens, 2005. "Outsourcing bij Vlaamse Ondernemingen: een Exploratief Onderzoek," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/306, Ghent University, Faculty of Economics and Business Administration.
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