Time, cost, and quality are the three indispensable factors for the realization and success of a project. In this context, we propose a framework composed of a multi-objective approach and multi-criteria decision-making methods (MCDM) to solve time-cost-quality trade-off optimization problems. A multi-objective Simulated Annealing (MOSA) algorithm is used to compute an approximation to the Pareto optimal set. The concept of the exploratory grid is introduced in the MOSA to improve its performance. MCDM are used to assist the decision-making process. The Shannon entropy and AHP methods assign weights to criteria. The first methodology is for the inexperienced decision-makers, and the second concedes a personal and flexible weighting of the criteria weights, based on the project manager’s assessment. The TOPSIS and VIKOR methods are considered to rank the solutions. Although they have the same purpose, the rankings achieved are different. A tool is implemented to solve a time-cost-quality trade-off problem on a project activities network. The computational experiments are analyzed and the results with the exploratory grid in Simulated Annealing (SA) are promising. Despite the framework aims to solve multi-objective trade-off optimization problems, supporting the decisions of the project manager, the methodologies used can also be applied in other areas.
Optimization for Risk Decision-Making Through Simulated Annealing
