Systematic Review of the Time-Cost Optimization Models in Construction Management

Osama Mohamed ElSahly (), Salma Ahmed and Akmal Abdelfatah
Additional contact information
Osama Mohamed ElSahly: College of Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates
Salma Ahmed: College of Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates
Akmal Abdelfatah: College of Engineering, American University of Sharjah, Sharjah P.O. Box 26666, United Arab Emirates

Sustainability, 2023, vol. 15, issue 6, 1-20

Abstract: The construction sector is a crucial contributor to the national and global economy. Therefore, improving the efficiency and effectiveness of construction projects can have a significant impact on gross domestic product (GDP). However, managing construction projects can be challenging due to the uncertainties and complexities involved. The three primary interrelated constraints of construction projects, namely, time, scope, and cost, require effective management to ensure successful completion. To optimize the time and cost of construction projects, various optimization models and techniques have been proposed in the literature. This paper presents a systematic review of the time-cost optimization models in construction management and proposes some future work to improve the solution of the considered problem. The review categorizes the existing models into three categories: exact models, approximate models, and hybrid algorithm models. The exact models provide optimal solutions but require a lot of computational time and may not be efficient in solving multi-objective and large-scale problems. The approximate models provide near-optimal solutions and reduce computational effort but may not be efficient in solving large-scale projects. The hybrid algorithm models combine the good properties of different algorithms to provide high-quality and efficient solutions. The purpose of this paper is accomplished through a systematic literature review following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. The paper analyzes the contribution, advantages, and limitations of each category and provides recommendations for future work. Based on the review, several recommendations for future work are provided, including the development of hybrid models that combine different optimization techniques, the incorporation of risk management into optimization models, and the use of advanced data analytics techniques to improve the accuracy of optimization models. Overall, this paper provides an up-to-date comprehensive review of the time-cost optimization models used in construction management and offers valuable insights for researchers and practitioners in this field. The findings of this review can be used to guide future research and improve the effectiveness of optimization models for construction projects.

Keywords: construction project scheduling; construction management; operations research; cost control; algorithms; mathematical programming (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/15/6/5578/pdf (application/pdf)
https://www.mdpi.com/2071-1050/15/6/5578/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:15:y:2023:i:6:p:5578-:d:1104141

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().