A new framework for time-cost trade-off considering float loss impact

2017 ◽  
Vol 22 (1) ◽  
pp. 20-36 ◽  
Author(s):  
Sameh Monir El-Sayegh ◽  
Rana Al-Haj
Keyword(s):  
Optimization Technique ◽  
Time Cost ◽  
Trade Off ◽  
Deterministic Optimization ◽  
Content Type ◽  
Project Duration ◽  
Trade Offs ◽  
Project Objectives ◽  
The Impact ◽  
New Framework

Purpose The purpose of this paper is to propose a new framework for time–cost trade-off. The new framework provides the optimum time–cost value taking into account the float loss impact. Design/methodology/approach The stochastic framework uses Monte Carlo Simulation to calculate the effect of float loss on risk. This is later translated into an added cost to the trade-off problem. Five examples, from literature, are solved using the proposed framework to test the applicability of the developed framework. Findings The results confirmed the research hypothesis that the new optimum solution will be at a higher duration and cost but at a lower risk compared to traditional methods. The probabilities of finishing the project on time using the developed framework in all five cases were better than those using the classical deterministic optimization technique. Originality/value The objective of time–cost trade-off is to determine the optimum project duration corresponding to the minimum total cost. Time–cost trade-off techniques result in reducing the available float for noncritical activities and thus increasing the schedule risks. Existing deterministic optimization technique does not consider the impact of the float loss within the noncritical activities when the project duration is being crashed. The new framework allows project managers to exercise new trade-offs between time, cost and risk which will ultimately improve the chances of achieving project objectives.

Time–cost–quality trade-off analysis for planning construction projects

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tianqi Wang ◽  
Moatassem Abdallah ◽  
Caroline Clevenger ◽  
Shahryar Monghasemi
Keyword(s):  
Optimization Model ◽  
Construction Projects ◽  
Present Model ◽  
Construction Project ◽  
Time Cost ◽  
Trade Off ◽  
Content Type ◽  
Project Duration ◽  
Trade Offs ◽  
Project Objectives

Purpose Achieving project objectives in constructionprojects such as time, cost and quality is a challenging task. Minimizing project cost often results in additional project duration and might jeopardize quality, and minimizing project duration often results in additional cost and might jeopardize quality. Also, increasing construction quality often results in additional cost and time. The purpose of this paper is to identify and analyze trade-offs among the project objectives of time, cost and quality. Design/methodology/approach The optimization model adopted a quantitative research method and is developed in two main steps formulation step that focuses on identifying model decision variables and formulating objective functions, and implementation step that executes the model computations using multi-objective optimization of Non-Dominated Sorting Genetic Algorithms to identify the aforementioned trade-offs, and codes the model using python. The model performance is verified and tested using a case study of construction project consisting of 20 activities. Findings The model was able to show practical and needed value for construction managers by identifying various trade-off solutions between the project objectives of time, cost and quality. For example, the model was able to identify the shortest project duration at 84 days while keeping cost under $440,000 and quality higher than 85 percent. However, with an additional budget of $20,000 (4.5 percent increase), the quality can be increased to 0.935 (8.5 percent improvement). Research limitations/implications The present research work is limited to project objectives of time, cost and quality. Future expansion of the model will focus on additional project objectives such as safety and sustainability. Furthermore, new optimization models can be developed for construction projects with repetitive nature such as roads, tunnels and high rise buildings. Practical implications The present model advances existing research in planning construction projects efficiently and achieving important project objectives. On the practical side, the optimization model will support the construction industry by allowing construction managers to identify the highest quality to deliver a construction project within specified budget and duration, lowest cost for specified duration and quality or shortest duration for specified budget and quality. Originality/value The present model introduces new and innovative method of increasing working hours per day and number of working days per shift while analyzing labor working efficiency and overtime rate to identify optimal trade-offs among important project objectives of time, cost and quality.

scholarly journals Bi-Objective Scheduling Optimization for Discrete Time/Cost Trade-Off in Projects

2018 ◽  
Vol 10 (8) ◽  
pp. 2802 ◽  
Author(s):  
Hongbo Li ◽  
Zhe Xu ◽  
Wenchao Wei
Keyword(s):  
Discrete Time ◽  
Large Scale ◽  
Heuristic Algorithms ◽  
Critical Path ◽  
Large Set ◽  
Time Cost ◽  
Trade Off ◽  
Project Duration ◽  
Computational Performance ◽  
Trade Offs

In sustainable project management, time and cost are two critical factors affecting the success of a project. Time/cost trade-offs in projects accelerate the execution of some activities by increasing the amount of non-renewable resources committed to them and therefore shorten the project duration. The discrete time/cost trade-off problem (DTCTP) has been extensively studied during the past 20 years. However, due to its complexity, the DTCTP—especially the DTCTP curve problem (DTCTP-C)—has only been solved for relatively small instances. To the best of our knowledge, there is no computational performance analysis for solving the DTCTP-C on large project instances with up to 500 activities. This paper aims to fill this gap. We present two bi-objective heuristic algorithms for the DTCTP-C where both project duration and cost are minimized. The objective is to obtain a good appropriate efficient set for the large-scale instances. The first algorithm is based on the non-dominated sorting genetic algorithm II (NSGA-II) and uses a specially designed critical path-based crossover operator. The second algorithm is a steepest descent heuristic which generates efficient solutions by iteratively solving the DTCTP with different deadlines. Computational experiments are conducted to validate the proposed algorithms on a large set of randomly generated problem instances.

scholarly journals On strategic trade-offs: does the principle of energy conservation explain the trade-offs law?

2017 ◽  
Vol 40 (11) ◽  
pp. 1163-1174
Author(s):  
Matthias Thürer ◽  
Mark Stevenson ◽  
Roberto Sarmiento ◽  
Peter Gianiodis
Keyword(s):  
Energy Conservation ◽  
Deductive Reasoning ◽  
Strategic Choices ◽  
Trade Off ◽  
Content Type ◽  
Strategic Trade ◽  
Trade Offs ◽  
Conceptual Study ◽  
The Impact ◽  
Principle Of Energy Conservation

Purpose The purpose of this paper is to reaffirm the suggestion that there are at least two distinct types of laws of trade-off that affect all firms and, in doing so, to contribute toward resolving the persistent trade-off debate in the literature. Design/methodology/approach Conceptual study using implicit deductive reasoning. Findings Two types of trade-offs are identified: “internal” can be understood following the dictates of the law of diminishing returns, while “external” can be modeled using the principle of energy conservation. Research limitations/implications New insights are provided by discussing the impact of both laws of trade-off on the resource-based view of the firm, on new capabilities such as sustainability and innovativeness and on key strategic choices. Practical implications The study explains why trade-offs occur and outlines contextual factors that determine the “strength” of the trade-offs. Originality/value To the best of the authors’ knowledge, no previous study has attempted to investigate the topic of strategic trade-offs on the basis of the principle of energy conservation.

Time-cost-quality-environmental impact trade-off resource-constrained project scheduling problem with DEA approach

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sayyid Ali Banihashemi ◽  
Mohammad Khalilzadeh
Keyword(s):  
Environmental Impacts ◽  
Cost Optimization ◽  
Project Managers ◽  
Time Cost ◽  
Quality Factors ◽  
Trade Off ◽  
Content Type ◽  
Execution Mode ◽  
Project Objectives ◽  
Efficient Execution

PurposeThe purpose of this paper is to evaluate project activities' efficiency in different execution modes for the optimization of time–cost-quality and environmental impacts trade-off problem.Design/methodology/approachThis paper presents a parallel Data Envelopment Analysis (DEA) method for evaluation of project activities with different execution modes to select the best execution mode and find a trade-off between objectives. Also, according to the nature of the project activities, outputs are categorized into desirable (quality) and undesirable (time, cost and environmental impacts) and analyzed based on the DEA model. In order to rank efficient execution modes, the ideal and anti-ideal virtual units method is used. The proposed model is implemented on a real case of a rural water supply construction project to demonstrate its validity.FindingsThe findings show that the use of the efficient execution mode in each activity leads to an optimal trade-off between the four project objectives (time, cost, quality and environmental impacts).Practical implicationsThis study help project managers and practitioners with choosing the most efficient execution modes of project activities taking time–cost-quality-environmental impacts into account.Originality/valueIn this paper, in addition to time and cost optimization of construction projects, quality factors and environmental impacts are considered. Further to the authors' knowledge, there is no method for evaluating project activities' efficiency. The efficiency of different activity modes is also evaluated for the first time to select the most efficient modes. This research can assist project managers with choosing the most appropriate execution modes for the activities to ultimately accomplish the project with the lowest time, cost and environmental impacts along with the highest quality.

Decomposition of stock market trade-offs using Shewhart methodology

2016 ◽  
Vol 33 (9) ◽  
pp. 1311-1331 ◽  
Author(s):  
Nadeeka Premarathna ◽  
A. Jonathan R. Godfrey ◽  
K. Govindaraju
Keyword(s):  
Quality Management ◽  
Stock Returns ◽  
Financial Market ◽  
Significant Risk ◽  
Trade Off ◽  
Content Type ◽  
Risk Return ◽  
Trade Offs ◽  
The Impact ◽  
Market Behaviour

Purpose The purpose of this paper is to investigate the applicability of Shewhart methodology and other quality management principles to gain a deeper understanding of the observed volatility in stock returns and its impact on market performance. Design/methodology/approach The validity of quality management philosophy in the context of financial market behaviour is discussed. The technique of rational subgrouping is used to identify the observable variations in stock returns as either common or special cause variation. The usefulness of the proposed methodology is investigated through empirical data. The risk/return and skewness/kurtosis trade-offs of S&P 500 stocks are examined. The consistency of this approach is reviewed by relating the separated variability to “efficient market” and “behavioural finance” theories. Findings Significant positive and negative risk/return trade-offs were found after partitioning the returns series into common and special cause periods, respectively, while total data did not exhibit a significant risk/return trade-off at all. A highly negative skewness/kurtosis trade-off was found in total and special cause periods as compared to the common cause periods. These results are broadly consistent with the theoretical concepts of finance and other empirical findings. Practical implications The quality management principles-based approach to analysing financial data avoids the complexities commonly found in stochastic-volatility forecasting models. Social implications The results provide new insights into the impact of volatility in stock returns. They should have direct implications for financial market participants. Originality/value The authors explore the relevance of Shewhart methodology in analysing variability in stock returns through reviewing financial market behaviour.

Generative design and analysis of a double-wishbone suspension assembly: a methodology for developing constraint oriented solutions for optimum material distribution

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aayush Bhat ◽  
Vyom Gupta ◽  
Savitoj Singh Aulakh ◽  
Renold S. Elsen
Keyword(s):  
Design Methodology ◽  
Manufacturing Industry ◽  
Optimization Technique ◽  
Design Solution ◽  
Material Distribution ◽  
Generative Design ◽  
Trade Off ◽  
Content Type ◽  
Life Study ◽  
Optimal Material

Purpose The purpose of this paper is to implement the generative design as an optimization technique to achieve a reasonable trade-off between weight and reliability for the control arm plate of a double-wishbone suspension assembly of a Formula Student race car. Design/methodology/approach The generative design methodology is applied to develop a low-weight design alternative to a standard control arm plate design. A static stress simulation and a fatigue life study are developed to assess the response of the plate against the loading criteria and to ensure that the plate sustains the theoretically determined number of loading cycles. Findings The approach implemented provides a justifiable outcome for a weight-factor of safety trade-off. In addition to optimal material distribution, the generative design methodology provides several design outcomes, for different materials and fabrication techniques. This enables the selection of the best possible outcome for several structural requirements. Research limitations/implications This technique can be used for applications with pre-defined constraints, such as packaging and loading, usually observed in load-bearing components developed in the automotive and aerospace sectors of the manufacturing industry. Practical implications Using this technique can provide an alternative design solution to long periods spent in the design phase, because of its ability to generate several possible outcomes in just a fraction of time. Originality/value The proposed research provides a means of developing optimized designs and provides techniques in which the design developed and chosen can be structurally analyzed.

Male Youth Activities and Metropolitan Context

1998 ◽  
Vol 30 (3) ◽  
pp. 385-399 ◽  
Author(s):  
S R Holloway
Keyword(s):  
Black Male ◽  
Metropolitan Areas ◽  
White Male ◽  
The United States ◽  
Theoretical Understanding ◽  
Trade Off ◽  
Black And White ◽  
Trade Offs ◽  
Activity Choices ◽  
The Impact

The research reported here examines the impact of metropolitan location on the activity choices of a sample of black and white male youths living in large metropolitan areas in the United States in 1980. The results of the analysis confirm that similar youths living in different metropolitan areas will make different activity choices. Furthermore, black male youths are found to be substantially more sensitive to metropolitan context than white male youths. The analysis also suggests that black and white disadvantaged youths respond differently to metropolitan context in terms of the trade-offs between activities. Disadvantaged black male youths are highly unlikely to be employed in all metropolitan areas and tend to trade-off staying in school with idleness, whereas disadvantaged white male youths tend to trade-off employment with idleness, depending on the metropolitan area they live in. This research confirms the importance of incorporating geographic context into our theoretical understanding of male youths' behavior. We must also, however, continue to address the implications of race as it shapes the context-dependent labor-market experiences of male youths.

End-to-end sustainability: trade-offs, consumers’ perceptions and decisions beyond B2C interfaces

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Camila Lee Park ◽  
Mauro Fracarolli Nunes ◽  
Alessio Ishizaka
Keyword(s):  
Supplier Selection ◽  
Word Of Mouth ◽  
Corporate Image ◽  
Content Type ◽  
Corporate Credibility ◽  
Trade Offs ◽  
Modern Slavery ◽  
Selection Decisions ◽  
The Usa ◽  
The Impact

Purpose This study aims to examine the extended effects of corporate (ir)responsibilities in supply chains. More specifically, the authors compare the impact of social and environmental initiatives and failures in the reputational capital of supply chain partners. The authors investigate how (and if) companies’ decisions to prioritize different sustainability dimensions in their supplier selection processes (i.e. sustainability trade-offs) affect consumers’ perception of corporate image, corporate credibility-expertise, attitude towards the firm and word-of-mouth. Design/methodology/approach The authors conducted three behavioural vignette-based experiments with 562 participants from the USA, relying on analysis of variance and t-tests analyses. Findings Results show that consumers perceive social irresponsibility cases as more severe than environmental ones in suppliers’ operations, penalizing buyers’ corporate image, corporate credibility-expertise and word-of-mouth. Corporate image, attitude towards the firm and word-of-mouth also have significant differences between social and environmental trade-offs. Statistically significant differences were also found between scenarios that portrayed the discovery of an irresponsible action and ones that reinforced the previous irresponsible practice in companies’ suppliers. Practical implications When types of irresponsibility practices are presented, the discovery of child labour and modern slavery conditions in suppliers damage how consumers perceive the company on corporate image and their attitude towards the organization and how they will spread word-of-mouth, reinforcing the importance of considering sustainability issues when making supplier selection decisions. Originality/value The study contributes to the understanding of how companies are perceived by their consumers regarding irresponsible practices and their impact on firms’ supplier selection decisions. Furthermore, data suggests that consumers might hierarchize sustainability dimensions, perceiving social irresponsibility cases as more severe than environmental irresponsibility ones.

scholarly journals The transformative service paradox: the dilemma of wellbeing trade-offs

2020 ◽  
Vol 31 (4) ◽  
pp. 637-663
Author(s):  
Rebekah Russell–Bennett ◽  
Rory Mulcahy ◽  
Kate Letheren ◽  
Ryan McAndrew ◽  
Uwe Dulleck
Keyword(s):  
Laboratory Experiment ◽  
Qualitative Interviews ◽  
Implicit Assumption ◽  
Trade Off ◽  
Content Type ◽  
Individual Level ◽  
Trade Offs ◽  
Physical Wellbeing ◽  
The Individual ◽  
Future Implication

PurposeA transformative service aims to improve wellbeing; however, current approaches have an implicit assumption that all wellbeing dimensions are equal and more dimensions led to higher wellbeing. The purpose of this paper is to present evidence for a new framework that identifies the paradox of competing wellbeing dimensions for both the individual and others in society – the transformative service paradox (TSP).Design/methodology/approachData is drawn from a mixed-method approach using qualitative (interviews) and quantitative data (lab experiment) in an electricity service context. The first study involves 45 household interviews (n = 118) and deals with the nature of trade-offs at the individual level to establish the concept of the TSP. The second study uses a behavioral economics laboratory experiment (n = 110) to test the self vs. other nature of the trade-off in day-to-day use of electricity.FindingsThe interviews and experiment identified that temporal (now vs. future) and beneficiary-level factors explain why individuals make wellbeing trade-offs for the transformative service of electricity. The laboratory experiment showed that when the future implication of the trade-off is made salient, consumers are more willing to forego physical wellbeing for environmental wellbeing, whereas when the “now” implication is more salient consumers forego financial wellbeing for physical wellbeing.Originality/valueThis research introduces the term “Transformative Service Paradox” and identifies two factors that explain why consumers make wellbeing trade-offs at the individual level and at the societal level; temporal (now vs. future) and wellbeing beneficiary.

scholarly journals Fuzzy Multicriteria Decision-Making Model for Time-Cost-Risk Trade-Off Optimization in Construction Projects

2019 ◽  
Vol 2019 ◽  
pp. 1-7 ◽  
Author(s):  
M. Ammar Alzarrad ◽  
Gary P. Moynihan ◽  
Muhammad T. Hatamleh ◽  
Siyuan Song
Keyword(s):  
Decision Making ◽  
Construction Projects ◽  
Multicriteria Decision Making ◽  
Attractive Alternative ◽  
Time Cost ◽  
Analytic Hierarchy ◽  
Trade Off ◽  
Multicriteria Decision ◽  
Trade Offs ◽  
Cost Risk

As is often the case in project scheduling, when the project duration is shortened to decrease total cost, the total float is lost resulting in added critical or nearly critical activities. This, in turn, results in decreasing the probability of completing the project on time and increases the risk of schedule delays. To solve this problem, this research developed a fuzzy multicriteria decision-making (FMCDM) model. The objective of this model is to help project managers improve their decisions regarding time-cost-risk trade-offs (TCRTO) in construction projects. In this model, an optimization algorithm based on fuzzy logic and analytic hierarchy process (AHP) has been used to analyze the time-cost-risk trade-off alternatives and select the best one based on selected criteria. The algorithm was implemented in the MATLAB software and applied to two case studies to verify and validate the presented model. The presented FMCDM model could help produce a more reliable schedule and mitigate the risk of projects running overbudget or behind schedule. Further, this model is a powerful decision-making instrument to help managers reduce uncertainties and improve the accuracy of time-cost-risk trade-offs. The presented FMCDM model employed fuzzy linguistic terms, which provide decision-makers with the opportunity to give their judgments as intervals comparing to fixed value judgments. In conclusion, the presented FMCDM model has high robustness, and it is an attractive alternative to the traditional methods to solve the time-cost-risk trade-off problem in construction.

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