Presenting a Multi-Objective Mathematical Model for Time-Cost trade off Problem Considering Time Value of Money and Solve it by MOPSO Algorithm

Subject Areas : Statistics

M.A Shafiiee ¹ , M.R Shahriyary ² , فرهاد hosseinzadeh lotfi ³ , reza radfar ⁴

1 - PhD student of technology management, UAE Branch, Islamic Azad University, Dubai, UAE.
2 - Department of industrial management, South Tehran Branch, Islamic Azad University, Tehran, Iran.
3 - Department of Mathematics, Science and Research Branch, Islamic Azad University, Tehran, Iran.
4 - Professor, Department of Industrial Management, Faculty of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran.

Received: 2017-10-22 Accepted : 2018-06-26 Published : 2018-08-01

Keywords: زمان - تقاضای هزینه, الگوریتم MOPSOT, ارزش زمانی پول, برنامه ریزی پروژه,

Abstract :

The time - cost tradeoff problem is one of the most critical issues in the project scheduling field and so far, a lot of research has been done with a variety of quantitative and qualitative approaches on this subject. In this research, we intend to provide a two - objective mathematical model which balances crash and delay for activities. So that it provides the right tools for decision makers to decide on the scheduling of activities, with considering available facilities and time available, to complete the project. In the proposed mathematical model, it is attempting to use the assumptions such as the nonlinear cost function as well as the time value of money so that the problem conditions will be as close as possible to the real environment. At the end, we solve the mathematical model presented in this paper using the Multi Objective Particle Swarm Optimization (MOPSO) algorithm and the impact of the crash and delay for activities in the final non-dominated solutions is investigated.