TY - GEN
T1 - Time-cost trade-off problem under uncertainty incorporating multi-objective genetic algorithm and fuzzy sets theory
AU - Ding, C. H.
AU - Fujimura, S.
AU - Wei, X.
AU - Wei, W.
PY - 2010/12/31
Y1 - 2010/12/31
N2 - The time-cost trade-off problem (TCTP) is an important branch in the project scheduling problem. However, the duration and cost of each activity could change stochastically as a result of uncertain factors. To meet the needs of real projects, an improved approach based on trapezoid fuzzy numbers is applied to estimate the uncertainty of time and cost. And then α-cut method is applied to decide the risk level. Furthermore, improved crossover and mutation methods for multi-objective genetic algorithm (MOGA) are used to make a large-scale computation possible. The efficiency of the proposed approach is verified by comparison with previous researches. In addition, economic analysis skill of finance cost is integrated into the new model to provide greater flexibility to managers when making decisions. Finally, time-cost tables under different risk levels for case examples are given and the advantages are investigated based on computation results.
AB - The time-cost trade-off problem (TCTP) is an important branch in the project scheduling problem. However, the duration and cost of each activity could change stochastically as a result of uncertain factors. To meet the needs of real projects, an improved approach based on trapezoid fuzzy numbers is applied to estimate the uncertainty of time and cost. And then α-cut method is applied to decide the risk level. Furthermore, improved crossover and mutation methods for multi-objective genetic algorithm (MOGA) are used to make a large-scale computation possible. The efficiency of the proposed approach is verified by comparison with previous researches. In addition, economic analysis skill of finance cost is integrated into the new model to provide greater flexibility to managers when making decisions. Finally, time-cost tables under different risk levels for case examples are given and the advantages are investigated based on computation results.
KW - Finance cost
KW - Fuzzy sets theory
KW - Multi-objective genetic algorithm
KW - Project scheduling
KW - Risk management
KW - Time-cost trade-off problem
UR - http://www.scopus.com/inward/record.url?scp=78650626980&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=78650626980&partnerID=8YFLogxK
U2 - 10.1109/ICIEEM.2010.5646668
DO - 10.1109/ICIEEM.2010.5646668
M3 - Conference contribution
AN - SCOPUS:78650626980
SN - 9781424464814
T3 - Proceedings - 2010 IEEE 17th International Conference on Industrial Engineering and Engineering Management, IE and EM2010
SP - 290
EP - 294
BT - Proceedings - 2010 IEEE 17th International Conference on Industrial Engineering and Engineering Management, IE and EM2010
T2 - 17th International Conference on Industrial Engineering and Engineering Management, IE and EM2010
Y2 - 29 October 2010 through 31 October 2010
ER -