Download This PaperTime-Cost-Risk Optimization in Construction Work by using Ant Colony Algorithm
International Research Journal of Engineering and Technology, Volume: 05 Issue: 04 | Apr-2018
9 Pages Posted: 1 May 2020
Date Written: April 4, 2018
Abstract
Time and cost are the most important parameters considered in every construction project. Without the timely completion within the scheduled duration, the project may incur loss. Hence completing the project within the scheduled time frame is paramount importance. Time, cost, risk of project delivery are among the crucial aspects of each project. The need to identify and manage risks in project delivery is crucial to establish ways and methods to deliver a project to meet end user’s expectation and satisfaction. Construction planners face the challenge of optimizing resource utilization to compromise between different aspects, especially time and cost. It may be beneficial to consider the risk in performance of project in addition to time and cost. Besides time and cost of activities, every resource utilization option will yield a specific performance quality according to the involved. The optimization of trade-off between these time, cost and risk parameters is done using Multi-Objective Ant Colony Optimisation technique. The optimization program was run for a number of giving weightage for the parameters. The total time, cost and risk for the project when executed in various combinations of alternatives were taken the trade-off between the parameters are analyzed. The method could be adopted for the time, cost, and risk optimization of any project with its quantified values. The risk values may vary with various factors and the choice of risk values depends entirely on the project.
Keywords: Time Cost, Risk Optimization, Ant Colony Algorithm, Resource Utilization, Project Management, Multi-Objective Ant Colony Optimization Technique
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