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Khosrowshahi, F (2002) Project cost-time optimal solutions. In: Greenwood, D (Ed.), Proceedings 18th Annual ARCOM Conference, 2-4 September 2002, Northumbria, UK. Association of Researchers in Construction Management, Vol. 2, 839–48.
- Type: Conference Proceedings
- Keywords: activity crashing; optimal solution; project cost-time; mathematical modelling
- ISBN/ISSN: 0 9534161 7 8
- URL: http://www.arcom.ac.uk/-docs/proceedings/ar2002-839-848_Khosrowshahi.pdf
- Abstract:
There have been several research works into the examination of the relationship between project total cost and total duration. To this end, the activity crashing technique stands out as an intricate, comprehensive and complex method for evaluating various cost-time scenarios. The technique can be used to identify the optimal solution: the project duration that yields the least project cost. However, what is regarded optimal for the contractor is likely to render a non-optimal solution for the client, and vice versa. Subsequently, depending on their priorities, the contractor and the client could examine a number of compromised solutions ranging between the 'least favourable solution' for the contractor, to the 'least favourable solution' to the client. Mathematical models are offered which represent the 'least compromise solution' and 'equal compromise solution'. In the case of 'least compromise solution', the total sum of compromises by both parties is minimized. Whereas, in the case of the 'equal compromise solution', both parties agree to compromise by an equal amount.