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Burns, S A, Liu, L and Feng, C-W (1996) The LP/IP hybrid method for construction time-cost trade-off analysis. Construction Management and Economics, 14(03), 265-76.

Type: Journal Article
Keywords: construction planning; critical path method; optimization; time-cost optimization
ISBN/ISSN: 0144-6193
URL: https://doi.org/10.1080/014461996373511
Abstract:
Construction planners face the decisions of selecting appropriate resources, including crew sizes, equipment, methods and technologies, to perform the tasks of a construction project. In general, there is a trade-off between time and cost to complete a task - the less expensive the resources, the longer it takes. Using Critical Path Method (CPM) techniques, the overall project cost can be reduced by using less expensive resources for non-critical activities without impacting the duration. Furthermore, planners need to adjust the resource selections to shorten or lengthen the project duration. Finding the optimal decisions is difficult and time-consuming considering the numbers of permutations involved. For example, a CPM network with only eight activities, each with two options, will have 28 alternatives. For large problems, exhaustive enumeration is not economically feasible even with very fast computers. This paper presents a new algorithm using linear and integer programming to obtain optimal resource selections efficiently that optimize time/cost of a construction project.

Edum-Fotwe, F T, Price, A D F and Thorpe, A (1996) A review of financial ratio tools for predicting contractor insolvency. Construction Management and Economics, 14(03), 189-98.

Gidado, K (1996) Project complexity: the focal point of construction production planning. Construction Management and Economics, 14(03), 213-25.

Horner, R M W and Zakieh, R (1996) Characteristic items: a new approach to pricing and controlling construction projects. Construction Management and Economics, 14(03), 241-52.

Ming, C S, Runeson, G and Skitmore, M R (1996) Changes in profit as market conditions change: a historical study of a building firm. Construction Management and Economics, 14(03), 253-64.

Shirazi, B, Langford, D A and Rowlinson, S M (1996) Organizational structures in the construction industry. Construction Management and Economics, 14(03), 199-212.