Developing a model for time-cost trade-off optimization problem considering overdraft issue in uncertain environments

Document Type : Research Paper


1 Department of Civil Engineering, Qazvin Branch, Islamic Azad University, Qazvin, Iran

2 School of Industrial Engineering, Iran University of Science and Technology, Tehran, Iran

3 Faculty of Civil Engineering ,Payame Noor University, Iran, Tehran


In project management, the time–cost problem plays a key role in planning and development. However, this problem is coped with the uncertainties resulted from an integral component of project cost and duration estimates. Often techniques are disable to formulate such uncertainty. Therefore, it is necessary to deveop a model that can take into account the uncertainty imposed by projects. To achieving the aim, Monte Carlo simulation technique is employed to analize the uncertainties arisen from the project cost and time estimations. To offer a trade-off between project time and cost, an optimization technique based on the Gray Wolf Optimization algorithm is used. The next, a overdraft analysis is conducted to operationally investigate the contract for future finance. The proposed framework is capable of solving a time-cost problem while the uncertainty is associated with project cost and time. The results show that the developed model generates a more reliable and accurate result and diminishes the risks connected to projects.


Main Subjects

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