A NEW ANALYTICAL METHODOLOGY TO HANDLE TIME-COST TRADE-OFF PROBLEM WITH CONSIDERING QUALITY LOSS COST UNDER INTERVAL-VALUED FUZZY UNCERTAINTY

This paper proposes a new framework in addressing time-cost trade-off problem (TCTP) under uncertainty. First critical path analysis is carried out based on developing a new interval-valued fuzzy (IVF)-program evaluation and review technique (PERT) approach. Then, non-conformance risks that influence on execution quality of activities are identified and evaluated based on a new approach that considers probability of risk along with impacts on time, cost, and performance. Then, a new mathematical model under IVF uncertainty is presented to decrease project total time while considering time, cost and quality loss cost that is determined in form of rework or modification cost. Finally, the approach categorizes the activities in three groups based on their level of criticality. Outcome of this methodology is a scheduling that addresses time, cost and quality trade-offs in addition to categorizing activities in different groups based on being on the critical path. Therefore, the project manager not only gets a scheduling based on the TCTP with considering quality loss cost but also has a knowledge of activities that require extra attentions. To show the steps of this methodology, an existing application from the literature is adopted and solved.

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

Sustainability ◽

10.3390/su10082802 ◽

2018 ◽

Vol 10 (8) ◽

pp. 2802 ◽

Cited By ~ 3

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.

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Principal-principal conflicts leading to activism of a large government-owned investor in Brazil

Corporate Governance and Organizational Behavior Review ◽

10.22495/cgobrv5i1p2 ◽

2021 ◽

Vol 5 (1) ◽

pp. 15-21

Author(s):

Bruno Elmôr Duarte ◽

Ricardo Pereira Câmara Leal

Keyword(s):

Corporate Governance ◽

Government Policy ◽

Poor Performance ◽

Ownership Concentration ◽

Minority Shareholders ◽

Trade Off ◽

Legal Proceedings ◽

Brazilian Government ◽

And Performance

This article analyzes conflicts between principals that led to activism by one large Brazilian government-owned investor as a minority shareholder and verifies the antecedents, means employed, apparent motivations, and effectiveness of its reactions (Goranova & Ryan, 2014). It examines the cases of three large high ownership concentration listed companies using solely public sources. Poor performance was a frequent conflict antecedent. No evident trade-off between activism and corporate governance (CG) practices emerged. High ownership concentration influenced the way the investor reacted and its success because opposition through internal CG mechanisms was usually not successful and led to legal proceedings. The limitations of the regulatory framework became evident from the mixed outcomes of these proceedings. The investor was not exclusively financially motivated and it occasionally opposed the interests of other minority shareholders to follow government policy. These findings illustrated how high ownership concentration rendered difficult the mitigation of principal-principal conflicts even for a large government-owned investor and help explain the failure of previous econometric studies to relate activism, quality of CG practices and performance (Young, Peng, Ahlstrom, Bruton, & Jiang, 2008)

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

Journal of Financial Management of Property and Construction ◽

10.1108/jfmpc-02-2016-0007 ◽

2017 ◽

Vol 22 (1) ◽

pp. 20-36 ◽

Cited By ~ 2

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.

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Project Time-Cost-Quality Trade-off Problem: A Novel Approach Based on Fuzzy Decision Making

International Journal of Uncertainty Fuzziness and Knowledge-Based Systems ◽

10.1142/s0218488520500233 ◽

2020 ◽

Vol 28 (04) ◽

pp. 545-567

Author(s):

Esmaeil Keshavarz ◽

Abbas Shoul

Keyword(s):

Decision Making ◽

Completion Time ◽

Real Data ◽

Research Problem ◽

Fuzzy Decision Making ◽

Time Cost ◽

Fuzzy Decision ◽

Trade Off ◽

Novel Approach

Trade-off problems concentrate on balancing the main parameters of a project as completion time, total cost and quality of activities. In this study, the problem of project time-cost-quality trade-off is formulated and solved from a new standpoint. For this purpose, completion time and crash cost of project are illustrated as fuzzy goals, also the dependency of implementing time of each activity and its execution-quality is described by a fuzzy number. The overall quality of the project execution is defined as the minimum execution-quality of the project activities that should be maximized. Based on some real assumptions, a three-objective programming problem associated with the time-cost-quality trade-off problem is formulated; then with the aim of identifying a fair and appropriate trade-off, the research problem is reformulated as a single objective linear programming by utilizing a fuzzy decision-making methodology. Generating a final preferred solution, rather than a set of Pareto optimal solutions, and having a reasonable interpretation are two most important advantages of the proposed approach. To explain the practical performance of the proposed models and approach, a time-cost-quality trade-off problem for a project with real data is solved and analyzed.

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

Advances in Civil Engineering ◽

10.1155/2019/7852301 ◽

2019 ◽

Vol 2019 ◽

pp. 1-7 ◽

Cited By ~ 1

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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Systematic approach to project efficiency management on the base of genetic algorithms

Scientific Research and Development Russian Journal of Project Management ◽

10.12737/99 ◽

2012 ◽

Vol 1 (1) ◽

pp. 0-0

Author(s):

�� ◽

Olga Makeeva ◽

�� ◽

Igor Tsarkov

Keyword(s):

Genetic Algorithms ◽

Project Management ◽

Time Management ◽

Systematic Approach ◽

Critical Path ◽

Universal Model ◽

Time Cost ◽

Different Types ◽

Management Project

The discovery of Critical Path Method (CPM) made breakdown of project management possible. In the result, project management consists of some knowledge areas like project time management, project cost management etc. But there is a problem: CPM couldn�t take into account resource constrains and costs. So there are a lot of models which include different types of constraints. But the vast majority of such models have serious problem: it�s impossible to scale them to universal model which could take into account time, cost and resources together. We suppose that this universal model could be developed on the base of genetic algorithms and it allow increasing efficiency and quality of project management. In this article we discuss the base principals and tools of such model and specific genetic algorithm is proposed

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Potential trade-off between vocal ornamentation and spatial ability in a songbird

Biology Letters ◽

10.1098/rsbl.2013.0344 ◽

2013 ◽

Vol 9 (4) ◽

pp. 20130344 ◽

Cited By ~ 43

Author(s):

Kendra B. Sewall ◽

Jill A. Soha ◽

Susan Peters ◽

Stephen Nowicki

Keyword(s):

Cognitive Abilities ◽

Spatial Task ◽

Repertoire Size ◽

Trade Off ◽

Trade Offs ◽

Brain Structure And Function ◽

And Performance ◽

Song Control ◽

And Function ◽

The Relationship

Bird song is hypothesized to be a reliable indicator of cognition because it depends on brain structure and function. Song features have been found to correlate positively with measures of cognition, but the relationship between song and cognition is complicated because not all cognitive abilities are themselves positively correlated. If cognition is not a unitary trait, developmental constraints on brain growth could generate trade-offs between some aspects of cognition and song. To further clarify the relationship between song and cognition in song sparrows ( Melospiza melodia ), we examined repertoire size and performance on a spatial task. We found an inverse relationship between repertoire size and speed of spatial learning and suggest that a developmental trade-off between the hippocampus and song control nuclei could be responsible for this relationship. By attending to male song, females may learn about a suite of cognitive abilities; this study suggests that females may glean information about a male's cognitive weaknesses as well as his strengths.

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Kajian Pengaruh Percepatan Waktu Pekerjaan Konstruksi Terhadap Biaya Proyek Bess Mansion Apartement Surabaya

Ge-STRAM: Jurnal Perencanaan dan Rekayasa Sipil ◽

10.25139/jprs.v2i2.1930 ◽

2019 ◽

Vol 2 (2) ◽

pp. 69

Author(s):

Adi Aprian Jaya ◽

Kusnul Yakin ◽

Maulidya Octaviani Bustamin

Keyword(s):

Secondary Data ◽

Working Hours ◽

Project Work ◽

Time Cost ◽

Trade Off ◽

Overtime Work ◽

Critical Paths ◽

The Cost ◽

Total Project

In the implementation of construction project activities there are thre things that influence the success and failure of the project: time, cost and quality. The success of a project is usually seen from the timing of completion which is relatively short but without neglecting the quality of the project work. Appropriate and targeted project management and management are required to ensure the time, cost, and quality of the project. This is certainly to avoid a variety of undesirable things such as late settlement, swelling costs, quality failures, and so on that could have an impact on project failure and the emergence of the cost of fines. The purpose of this study is to calculate changes in cost and time of project implementation with alternatives to additional working hours (overtime) comparing the results between normal and cost changes after the addition of working hours (overtime). The data used in this research is secondary data obtained from contractor implementing. Arrow diagram The results program are critical paths and cost increases due to the addition of working hours (overtime) while the result of the time cost trade off method is the acceleration of duration and the increased cost due to the acceleration of duration in any accelerated activity. The results of this study indicate that the total project time and cost under normal conditions is 508 days at a cost of Rp 22.240.655.701 with the addition of 3 hours of overtime work in the duration of crashing 485 days and at a cost of Rp 23.252.220.373,34

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Analisis Pertukaran Waktu dan Biaya Menggunakan Metode Time Cost Trade Off (TCTO) pada Proyek Pembangunan Perumahan di PT. X

Rekayasa ◽

10.21107/rys.v10i1.3604 ◽

2018 ◽

Vol 10 (1) ◽

pp. 51

Author(s):

Nailul Izzah

Keyword(s):

Program Evaluation ◽

Critical Path ◽

Housing Development ◽

Network Activity ◽

Project Work ◽

Time Cost ◽

Critical Path Method ◽

Trade Off ◽

Expected Time ◽

Optimum Cost

Pada pembangunan proyek perumahan, perencanaan dibutuhkan untuk memperhitungkan berbagai variabel pekerjaan yang menyangkut sumber daya yang terbatas seperti waktu dan biaya. Tujuan dari penelitian ini adalah mendeskripsikan aktivitas jaringan kerja yang optimal dengan metode Critical Path Method (CPM), perencananaan kelayakan yang optimal dengan metode Program Evaluation and Review Technique (PERT), dan mendeskripsikan waktu dan biaya proyek yang efisien dengan metode Time Cost Trade Off (TCTO) pada proses pembangunan perumahan. Jalur kritis dari penerapan metode critical path method (CPM) dimulai dari pekerjaan persiapan (A) sampai pekerjaan pagar (AB), tetapi ada satu yang tidak termasuk pada jalur kritis yaitu pekerjaan plafond (H). Pekerjaan tersebut memiliki nilai slack 25, artinya kegiatan tersebut memiliki kelonggaran waktu pengerjaan selama 25 hari. Dari penerapan metode program evaluation and review technique (PERT), proyek perumahan dapat diselesaikan lebih cepat dari kurun waktu normal selama 555 hari dengan waktu yang diharapkan 547 hari dengan peluang 64,8%. Sedangkan dari penerapan metode time cost trade off (TCTO), efisiensi waktu pengerjaan proyek dengan penambahan pekerja adalah 5,76% dengan selisih percepatan 32 hari kerja dan efisiensi biayanya adalah 0,156% dengan biaya optimal sebesar Rp. 6.753.245.793Kata kunci: Critical Path Method (CPM), Program Evaluation and Review Technique (PERT), Time Cost Trade Off (TCTO). Time Exchange Analysis and Cost Using Time Cost Trade Off (TCTO) Method in Housing Development Projects in PT. XABSTRACTIn the construction of housing projects, planning is needed to account for the various work variables involving limited resources such as time and cost order to achieve the stated objectives and achieve the desired results. The purpose of this research is to describe optimal network activity from the application of Critical Path Method (CPM) method, to describe optimal feasibility planning from applying of Program Evaluation and Review Technique (PERT) method, and to describe time and cost of efficient project from application of Time method Cost Trade Off (TCTO) on the housing development process. The critical path from the application of the method of critical path method (CPM) starts from the preparatory work (A) to the fence work (AB), but there is one that is not included in the critical path ie the ceiling work (H). The work has a slack value of 25, meaning that the activity has a working time clearance for 25 days. From the implementation of the evaluation and review technique (PERT) program method, the housing project can be completed faster than the normal time period of 555 days with the expected time 547 days with a chance of 64.8%. While from the time cost trade off (TCTO) method, the time efficiency of project work with the addition of worker is 5.76% with the acceleration difference of 32 working days and the cost efficiency is 0.156% with the optimum cost of Rp.6.753.245.793.Keywords: Critical Path Method (CPM), Program Evaluation and Review Technique (PERT), Time Cost Trade Off (TCTO).

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