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Time-Cost-Risk Optimization in Construction using Ant Colony Algorithm

Author(s):

Lakshmi C R , COCHIN COLLEGE OF ENGINEERING AND TECHNOLOGY

Keywords:

Time-Cost-Risk Optimization, Ant Colony Algorithm, Construction Planners

Abstract

Construction planners often face the challenge of optimum resource utilization to compromise between different and usually conflicting aspects of projects. Time, cost and risk of project delivery are among the crucial aspects of each project with both client and contractor striving to optimize the project duration and cost concurrently. Studies have been conducted to model the time–cost relationships, ranging from heuristic methods and mathematical approaches to genetic algorithms. Emergence of new contracts that place an increasing pressure on maximizing the quality of projects while minimizing its time and cost, require the development of innovative models considering risk 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 Optimization 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.

Other Details

Paper ID: IJSRDV7I30976
Published in: Volume : 7, Issue : 3
Publication Date: 01/06/2019
Page(s): 1357-1359

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