The fuzzy time-cost tradeoff problem

Abstract

The time-cost tradeoff problem is a specific type of the project scheduling problem, which studies how to modify project activities so as to achieve the tradeoff between the completion time and the project cost. In real projects, the tradeoff between the project cost and the completion time, and the uncertainty of the environment are both considerable aspects for managers. In this chapter, three new fuzzy time-cost tradeoff models are proposed, in which credibility theory is applied to describe the uncertainty of activity durations. A searching method by integrating fuzzy simulation and genetic algorithm is developed to search quasi-optimal schedules under some decision-making criteria. The purpose of this work is to reveal how to obtain the optimal balance of the completion time and the project cost in fuzzy environments.