Considering budget limits in the time-cost-quality trade-off problem And determination of the most economical combination of crashing the time of activities In Critical Path methods networks (CPM)

Subject Areas : Financial engineering

Ehsaneh Nazari ¹ ( PhD student of Industrial Management, Faculty of Management, central Tehran Branch, Islamic Azad University, Tehran, Iran. )
nosratollah shadnoush ² ( Department of Industrial management, Faculty of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran. )
Tahmoores Sohrabi ³ ( Department of Industrial management, Faculty of Management, Central Tehran Branch, Islamic Azad University, Tehran, Iran. )

Received: 2019-06-02 Accepted : 2019-07-08 Published : 2019-12-22

Keywords: Critical path method, budget, Time Crashing, time-cost trade off, Quality of Activities,

Abstract :

Nowadays, one of the most important issues that projects-based companies need in order to better manage project portfolios and financial planning is managing project costs. In project cost management, using a set of techniques and principles for project and financial control, it is possible to examine the financial performance of each project in terms of its actual operating cost (actual cost) compared to the estimated cost for the work performed and the corrective solutions to reduce costs And put it under control.Since reducing the duration of activities by allocating more resources to each activity is possible but requires higher costs for the implementation of those activities, it should be noted that the hasty pursuit of activities can lead to a decrease in its quality level Therefore, in the process of compressing the time of activities, in addition to the cost index, the activity quality index should also be considered. In this paper, a mathematical model for project cost management based on the critical path method approach is presented. Considering a specific figure under the project budget ceiling, two goals are to minimize the total cost of the project (the classical model) and aim to maximize the quality of the activities, simultaneously.

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