Robust Optimization for Time-Cost Tradeoff Problem in Construction Projects

Ming Li and Guangdong Wu

Abstract and Applied Analysis, 2014, vol. 2014, 1-7

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.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jnlaaa:926913

DOI: 10.1155/2014/926913

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