Comparison of a fuzzy genetic and simulated annealing algorithm approach for project time-cost tradeoff (Q2336747)

Summary: Project planning, defining the limitations and resources by leveling the resources available, have a great importance for the management projects. All these activities directly affect the duration and the cost of the project. To get a competitive value on the market, the project must be completed at the optimum time. In other to be competitive enough the optimum or near optimum solutions of time cost tradeoff and the resource leveling and resource constrained scheduling problems should be obtained in the planning phase of the project. One important aspect of the project management is activity crashing, that is, reducing activity time by adding more resources such as workers and overtime. It is important to decide the optimal crash plan to complete the project within the desired time period. The comparison of fuzzy simulated annealing and the genetic algorithm based on the crashing method is introduced in this paper to evaluate project networks and determine the optimum crashing configuration that minimizes the average project cost, caused by being late and crashing costs in the presence of vagueness and uncertainty. The evaluation results based on a real case study indicate that the method can be reliably applied to engineering projects.