Time and Cost Optimization in project excution

Civil Engineering

The main objective in the field of construction is to complete every project on time, within budget and quality full. The requirements of construction management are the useful utility, structural firmness, economy, speed, and quality of construction. In the every construction project time and cost trade-off are two important factors. It is crucial in achieving the project objectives. Dealing with different conflicting facets of the project is one of the challenging problems which often Construction Company has to face. Time loss is always costly and time-saving can provide profit to all the parties in the project. There is always a mutual affinity between time and cost. Time cost optimization is necessary and very important for a construction project. The objective of time cost optimization is to determine optimum project duration corresponding to the minimum total cost and this can be achieved with help of reducing the duration of critical activities in the network in order by breaking the activities of critical activities to minimize the overall project duration. In this study, critical path method (CPM) with an investigative method is used to find out the crash duration and crash cost and. An analysis is performed to identify the relationship between the time and cost in order to formalize an optimization problem model. In the analysis part, for this problem solving will be performed by manual methods. Then the reasons are introduced to increase the duration of project, then through project crashing technique optimisation of time and cost will be easy early completion of project applying this approach the obtained result is satisfactory, that is an indication of usefulness of this approach in construction project management problems, a numerical example in the paper shows the advantage of the proposed approach.

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