Systematic Review of the Time-Cost Optimization Models in Construction Management

Abstract

The construction sector is a crucial contributor to the national and global economy. Therefore, improving the efficiency and effectiveness of construction projects can have a significant impact on gross domestic product (GDP). However, managing construction projects can be challenging due to the uncertainties and complexities involved. The three primary interrelated constraints of construction projects, namely, time, scope, and cost, require effective management to ensure successful completion. To optimize the time and cost of construction projects, various optimization models and techniques have been proposed in the literature. This paper presents a systematic review of the time-cost optimization models in construction management and proposes some future work to improve the solution of the considered problem. The review categorizes the existing models into three categories: exact models, approximate models, and hybrid algorithm models. The exact models provide optimal solutions but require a lot of computational time and may not be efficient in solving multi-objective and large-scale problems. The approximate models provide near-optimal solutions and reduce computational effort but may not be efficient in solving large-scale projects. The hybrid algorithm models combine the good properties of different algorithms to provide high-quality and efficient solutions. The purpose of this paper is accomplished through a systematic literature review following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. The paper analyzes the contribution, advantages, and limitations of each category and provides recommendations for future work. Based on the review, several recommendations for future work are provided, including the development of hybrid models that combine different optimization techniques, the incorporation of risk management into optimization models, and the use of advanced data analytics techniques to improve the accuracy of optimization models. Overall, this paper provides an up-to-date comprehensive review of the time-cost optimization models used in construction management and offers valuable insights for researchers and practitioners in this field. The findings of this review can be used to guide future research and improve the effectiveness of optimization models for construction projects.

Sustainable Green City Development Project Analysis using the Critical Path Method (CPM) and the Crashing Project Method on Time and Cost Optimization

“…This is a structured and logical approach to reduce the time required for a project [20]. The goal of this method is to optimize the duration of the project activities in a cost-efficient manner.…”

A Guideline of Earned Value Method (EVM) Implementation as Decision Baseline on Acceleration Solutions for Construction Project Scheduling

“…Crashing projects can be defined as the acceleration process of the project period Click or tap here to enter text. [22,24] This method reduces the amount of time needed for a project in a structured and logical approach [25]. The objective of this approach is to cost-effectively optimize the project activities' duration.…”