A pareto multi-objective optimization approach for solving time-cost-quality tradeoff problems

Xundi Diao, Heng Li, Saixing Zeng, Vivian W Y Tam, Hongling Guo

Research output: Journal article publicationJournal articleAcademic researchpeer-review

Abstract

Speeding up a project's duration will definitely increase the cost and decrease the quality. The previous literatures were mainly related to project planning and controlling which mainly focus on cost-time tradeoff. However, limited researches have been referred to project quality based on mathematical methodologies. This paper proposes a tradeoff problem on time-cost-quality performance. A computer-based Pareto multi-objective optimization approach is utilized for solving the tradeoff problems. The approach can help searching near the reality Pareto-optimal set while not receiving any information on the stakeholders' preference for time, cost and quality. Based on the developed approach, decision-making can become easy according to the sorted non-dominated solutions and project preferences.
Original languageEnglish
Pages (from-to)22-41
Number of pages20
JournalTechnological and Economic Development of Economy
Volume17
Issue number1
DOIs
Publication statusPublished - 1 Jan 2011

Keywords

  • Genetic algorithm
  • Pareto optimal set
  • Project management
  • Time-cost-quality
  • Tradeof

ASJC Scopus subject areas

  • Finance

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