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A New Model to Improve Project Time-Cost Trade-Off in Uncertain Environments

In: Contemporary Issues and Research in Operations Management

Author

Listed:
  • Ammar Alzarrad
  • Daniel Fonseca

Abstract

The time-cost trade-off problem (TCTP) is fundamental to project scheduling. Risks in estimation of project cost and duration are significant due to uncertainty. This uncertainty cannot be eliminated by any scheduling or estimation techniques. Therefore, a model that can represent uncertainty in the real world to solve time-cost trade-off problems is needed. In this chapter, fuzzy logic is utilized to consider affecting uncertainties in project duration and cost. An optimization algorithm based on time-driven activity-based costing (TDABC) is applied to provide a trade-off between project time and cost. The presented model could solve the time-cost trade-off problem while accounting for uncertainty in project cost and duration. This could help generate a more reliable schedule and mitigate the risk of projects running overbudget or behind schedule.

Suggested Citation

  • Ammar Alzarrad & Daniel Fonseca, 2018. "A New Model to Improve Project Time-Cost Trade-Off in Uncertain Environments," Chapters, in: Gary Moynihan (ed.), Contemporary Issues and Research in Operations Management, IntechOpen.
    • Handle: RePEc:ito:pchaps:136471
    DOI: 10.5772/intechopen.74022
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    More about this item

    Keywords

    scheduling; fuzzy logic; time-cost trade-off; cost estimating; risk management;
    All these keywords.

    JEL classification:

    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

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