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271025

Time-Cost Optimization Model with Probabilistic Path and Float Consumption Impact

Article

Last updated: 23 Jan 2023

Subjects

-

Tags

Safety, Quality and Environmental Management

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.

DOI

10.21608/asge.2019.271025

Keywords

Time–Cost Trade-off, Float Consumption, Deterministic Path, Probabilistic Path, Monte Carlo simulation

Volume

03

Article Issue

04

Related Issue

36174

Issue Date

2019-11-01

Receive Date

2022-11-23

Publish Date

2019-11-01

Page Start

1

Page End

15

Print ISSN

2785-9509

Online ISSN

2812-5142

Link

https://asge.journals.ekb.eg/article_271025.html

Detail API

https://asge.journals.ekb.eg/service?article_code=271025

Order

271,025

Type

Original Article

Type Code

2,140

Publication Type

Journal

Publication Title

International Journal of Advances in Structural and Geotechnical Engineering

Publication Link

https://asge.journals.ekb.eg/

MainTitle

-

Details

Type

Article

Created At

23 Jan 2023