Application of Particle Swarm Optimisation in Multi-Objective Cost Optimisation of Engineering Enterprises under the Background of Digital Economy

Lin Song ()
Additional contact information
Lin Song: School of Economics and Trade, Henan Polytechnic Institute, Nanyang 473000, P. R. China

Journal of Information & Knowledge Management (JIKM), 2024, vol. 23, issue 05, 1-21

Abstract: Engineering projects must meet quality and schedule requirements during construction. This is a typical multi-objective problem and a difficult point in the management of engineering enterprises. To address these issues, a research study proposes an intelligent multi-objective optimisation technique. First, analyse the optimisation objectives of the enterprise in the context of digitalisation. Then, construct a multi-objective cost optimisation model for engineering enterprises. Second, the Multi-Objective Particle Swarm Optimisation (MOPSO) algorithm is introduced to solve multi- objective problems. To improve the multi-objective optimisation effect of the model, the inertia weight parameters and particle learning behaviour are optimised and adjusted, as the model is prone to getting stuck in local optima. In the performance test of the algorithm model, the optimised MOPSO model can accurately search for the minimum value of 0 at the position (0, 0) under the Rastrig in function, and at the same time, the number of iteration convergence is the least. The GA, ACOM, and traditional MOPSO models have more iterative convergence times, and the optimisation results are 0.10, 0.15, and 0.14, respectively. It can be seen that the performance of the optimised MOPSO model is better. In the specific example analysis, using the optimised MOPSO solution, the project cost was reduced from 31 million yuan in the contract to 30.52 million yuan, and the construction period was shortened from 588 days to 540 days, and met the environmental protection and quality requirements. The research content can provide important decision support for engineering project managers.

Keywords: Multi-objective management; cost optimisation model; MOPSO; weight (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S0219649224500667
Access to full text is restricted to subscribers

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:wsi:jikmxx:v:23:y:2024:i:05:n:s0219649224500667

Ordering information: This journal article can be ordered from

DOI: 10.1142/S0219649224500667

Access Statistics for this article

Journal of Information & Knowledge Management (JIKM) is currently edited by Professor Suliman Hawamdeh

More articles in Journal of Information & Knowledge Management (JIKM) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().