New fuzzy models for time-cost trade-off problem

  • Authors:

  • Hua Ke;Weimin Ma;Xin Gao;Weihua Xu

  • Affiliations:

  • School of Economics and Management, Tongji University, Shanghai, China 200092;School of Economics and Management, Tongji University, Shanghai, China 200092;School of Mathematics and Physics, North China Electric Power University, Beijing, China 102206;School of Economics and Management, Tongji University, Shanghai, China 200092

  • Venue:
  • Fuzzy Optimization and Decision Making
  • Year:
  • 2010

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Abstract

The time-cost trade-off problem is a specific type of the project scheduling problem which studies how to modify project activities so as to achieve the trade-off between the completion time and the project cost. In real projects, the trade-off between the project cost and the completion time, and the uncertainty of the environment are both considerable aspects for managers. In this paper, three new fuzzy time-cost trade-off models are proposed, in which credibility theory is applied to describe the uncertainty of activity duration times. A searching method by integrating fuzzy simulation and genetic algorithm is produced to search the quasi-optimal schedules under some decision-making criteria. The purpose of the paper is to reveal how to obtain the optimal balance of the completion time and the project cost in fuzzy environments.