Abstract: Time and cost are the main goals of the construction
project management. The first schedule developed may not be a
suitable schedule for beginning or completing the project to achieve
the target completion time at a minimum total cost. In general, there
are trade-offs between time and cost (TCT) to complete the activities
of a project. This research presents genetic algorithms (GAs) multiobjective
model for project scheduling considering different
scenarios such as least cost, least time, and target time.
Abstract: While to minimize the overall project cost is always
one of the objectives of construction managers, to obtain the
maximum economic return is definitely one the ultimate goals of the
project investors. As there is a trade-off relationship between the
project time and cost, and the project delivery time directly affects the
timing of economic recovery of an investment project, to provide a
method that can quantify the relationship between the project delivery
time and cost, and identify the optimal delivery time to maximize
economic return has always been the focus of researchers and
industrial practitioners. Using genetic algorithms, this study
introduces an optimization model that can quantify the relationship
between the project delivery time and cost and furthermore, determine
the optimal delivery time to maximize the economic return of the
project. The results provide objective quantification for accurately
evaluating the project delivery time and cost, and facilitate the
analysis of the economic return of a project.