Time-Cost Optimization Model with Probabilistic Path and Float Consumption Impact | ||||
| International Journal of Advances in Structural and Geotechnical Engineering | ||||
| Volume 03, Issue 04 - Serial Number 3062019, November 2019, Page 1-15 PDF (1.29 MB) | ||||
| Document Type: Original Article | ||||
| DOI: 10.21608/asge.2019.271025 | ||||
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| Abstract | ||||
| In construction projects, achieving their main objectives is an urgent goal, Getting the optimum duration point which is associated with the minimum total cost with the lowest risk of delays. As the results of the calculations of critical-path-method are denoted by “floats” (De La Garza). This paper acknowledges the fact that “time is money” as time consumption is costly and time savings can supply interests to all parties of the project. Time-cost optimization technique result in reducing the available total float for noncritical activities, thus decrease the schedule flexible and increase the network criticality. Float consumption impact in noncritical activities is one of the complicated delays to assess on a project’s duration and cost. As a shortage of deterministic critical path method cannot sense the impact of that consumption unless they overpass the values of total float. This paper examines the relevance of a nonlinear-integer programming model with the impact of total float consumption, and a probabilistic model with control the risks of float consumption using Monte Carlo simulation. | ||||
| Keywords | ||||
| Time–Cost Trade-off; Float Consumption; Deterministic Path; Probabilistic Path; Monte Carlo Simulation | ||||
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