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Abstract and Applied Analysis
Volume 2014, Article ID 926913, 7 pages
http://dx.doi.org/10.1155/2014/926913
Research Article

Robust Optimization for Time-Cost Tradeoff Problem in Construction Projects

School of Tourism and Urban Management, Jiangxi University of Finance & Economics, Nanchang 330013, China

Received 7 May 2014; Accepted 19 June 2014; Published 4 August 2014

Academic Editor: Hamid Karimi

Copyright © 2014 Ming Li and Guangdong Wu. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

Construction projects are generally subject to uncertainty, which influences the realization of time-cost tradeoff in project management. This paper addresses a time-cost tradeoff problem under uncertainty, in which activities in projects can be executed in different construction modes corresponding to specified time and cost with interval uncertainty. Based on multiobjective robust optimization method, a robust optimization model for time-cost tradeoff problem is developed. In order to illustrate the robust model, nondominated sorting genetic algorithm-II (NSGA-II) is modified to solve the project example. The results show that, by means of adjusting the time and cost robust coefficients, the robust Pareto sets for time-cost tradeoff can be obtained according to different acceptable risk level, from which the decision maker could choose the preferred construction alternative.