Cash Flow Optimization for Renewable Energy Construction Projects with a New Approach to Critical Chain Scheduling

Janusz Kulejewski, Nabi Ibadov, Jerzy Rosłon and Jacek Zawistowski
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Janusz Kulejewski: Civil Engineering Faculty, Warsaw University of Technology, Armii Ludowej 16, 00-637 Warszawa, Poland
Nabi Ibadov: Civil Engineering Faculty, Warsaw University of Technology, Armii Ludowej 16, 00-637 Warszawa, Poland
Jerzy Rosłon: Civil Engineering Faculty, Warsaw University of Technology, Armii Ludowej 16, 00-637 Warszawa, Poland
Jacek Zawistowski: Polish Association of Building Managers, Emili Plater 18, 00-688 Warszawa, Poland

Energies, 2021, vol. 14, issue 18, 1-15

Abstract: This study concerns the use of the critical chain method to schedule the construction of renewable energy facilities. The critical chain method is recognized as a useful project management tool, transforming a stochastic problem of uncertainty in activity durations into a deterministic one. However, this method has some shortcomings. There are no clear principles of grouping non-critical activities into feeding chains. Another ambiguity is sizing the feeding buffers with regard to the topology of the network model and the resulting dependencies between activities, located in different chains. As a result, it is often necessary to arbitrarily adjust the calculated sizes of feeding buffers before inserting them into the schedule. The authors present the new approach to sizing the time buffers in the schedule, enabling a quick assessment of the quality of a given solution variant and finding a solution that best meets the established criteria, conditions, and constraints. The essence of the presented approach is the two-step sizing of time buffers with the use of deterministic optimization and stochastic optimization techniques. Taking into account construction management needs, the optimization criteria are based on the construction project cash flow analysis. The effectiveness of the presented approach is illustrated by an example of developing a wind power plant construction schedule. According to the results, the presented approach ensures the protection of the scheduled completion date of the construction and the stability of the schedule.

Keywords: critical chain; time buffers; scheduling; renewable energy; optimization; cash flow (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
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