The Time-Cost Trade-Off Analysis in Construction Project Using Computer Simulation and Interactive Procedure
The Time-Cost Trade-Off Analysis in Construction Project Using Computer Simulation and Interactive Procedure

Summary/Abstract: Several criteria must be considered while preparing the schedule of a construction project. The completion time and project cost are analyzed in most cases. Additionally, the risk related to the criteria has to be taken into account as well. Thus, project planning problem can be defined as a multicriteria decision problem under risk. In this paper, a project scheduling problem including time-cost trade-offs is analyzed. We assume that various resource allocations can be considered. A new technique based on computer simulation and interactive approach is proposed. In the first step, simulation experiments are performed to evaluate decision alternatives with respect to the criteria. An interactive technique INSDECM is employed for generating the final solution of the problem. The procedure uses stochastic dominance rules for comparing decision alternatives with respect to the criteria. A numerical example is presented to illustrate the applicability of the technique.

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