Chance-Constrained Time–Cost Tradeoff Analysis Considering Funding Variability |
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Authors: | I-Tung Yang |
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Affiliation: | Assistant Professor, Dept. of Civil Engineering, Tamkang Univ., 151 Ying-chuan Rd., Tamsui, Taipei County 251, Taiwan. E-mail: ityang@mail.tku.edu.tw.
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Abstract: | This paper proposes a chance-constrained programming model to incorporate the variability of funding, which is quantified by the coefficient of variation. The proposed model formulates financial feasibility as a stochastic constraint, transforms it into a deterministic equivalent at a prespecified confidence level, and solves the system by means of classical optimization techniques. The time–cost curve generated by the proposed model serves as a foundation for optimizing total project cost. To demonstrate the uniqueness of the proposed model, it is compared to previous approaches through a small building example. |
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Keywords: | Computer aided scheduling Stochastic models Optimization Project management Risk management Uncertainty principles Time factors Costs |
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