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Multi-objective Time-cost Optimization Using Cobb-douglas Production Function and Hybrid Genetic Algorithm

Author(s):


Medium: journal article
Language(s): Latvian
Published in: Journal of Civil Engineering and Management, , n. 2, v. 22
Page(s): 187-198
DOI: 10.3846/13923730.2014.897966
Abstract:

Existing research on construction time-cost tradeoff issues rarely explore the origin of the crashing cost. Crashing cost function was either assumed without much justification, or came from historical data of some real pro­jects. As a result the conclusions of the papers can hardly be used to guide allocations of labor and equipment resources respectively. The authors believe Cobb-Douglas function provides a much-needed piece to modeling the cost functions in the construction time-cost tradeoff problem during the crashing process. We believe this new perspective fills a gap of existing time-cost tradeoff research by considering project duration, labor and equipment cost as parameters of the Cobb- Douglas production function. A case study was presented to show how the proposed framework works. Our conclusion is that introducing Cobb-Douglas function into time-cost tradeoff problem provides us extra capacity to further identify the optimal allocations of labor and equipment resources during crashing.

Structurae cannot make the full text of this publication available at this time. The full text can be accessed through the publisher via the DOI: 10.3846/13923730.2014.897966.
  • About this
    data sheet
  • Reference-ID
    10354455
  • Published on:
    13/08/2019
  • Last updated on:
    13/08/2019
 
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