TITLE:
The Effect of Price Discount on Time-Cost Trade-off Problem Using Genetic Algorithm
AUTHORS:
Hadi Mokhtari, Abdollah Aghaie
KEYWORDS:
Project Management, PERT Networks, Time Cost Trade off, Genetic Algorithm, Discount
JOURNAL NAME:
Engineering,
Vol.1 No.1,
June
3,
2009
ABSTRACT: Time-cost trade off problem (TCTP), known in the literature as project crashing problem (PCP) and project speeding up problem (PSP) is a part of project management in planning phase. In this problem, determining the optimal levels of activity durations and activity costs which satisfy the project goal(s), leads to a balance between the project completion time and the project total cost. A large amount of literature has studied this problem under various behavior of cost function. But, in all of them, influence of discount has not been in-vestigated. Hence, in this paper, TCTP would be studied considering the influence of discount on the re-source price, using genetic algorithm (GA). The performance of proposed idea has been tested on a medium scale test problem and several computational experiments have been conducted to investigate the appropriate levels of proposed GA considering accuracy and computational time.