1678

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

Article

Last updated: 05 Jan 2025

Subjects

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Tags

Time–Cost Trade-off
Float Consumption
Deterministic Path
Probabilistic Path
Monte Carlo simulation
Time-Cost Optimization Model with Probabilistic Path and Float Consumption Impact
ICASGE'23

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

Authors

First Name

Dawlat

Last Name

M. Elkholy

Affiliation

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Email

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City

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Orcid

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First Name

Tamer

Last Name

M. El-Korany and Abdel-Hakim A. Khalil

Affiliation

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Email

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City

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Orcid

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Volume

ICASGE2019

Issue Date

1 Jan 2019

Publish Date

29 May 2022

Link

https://icasge.conferences.ekb.eg/article_1678.html

Order

407

Publication Type

Conference

Publication Title

ICASGE'23

Publication Link

https://icasge.conferences.ekb.eg/

Details

Type

Article

Locale

en

Created At

13 Dec 2022