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MULTI-OBJECTIVE TIME-COST OPTIMIZATION USING COBB-DOUGLAS PRODUCTION FUNCTION AND HYBRID GENETIC ALGORITHM
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DOI：10.3846/13923730.2014.897966.png)
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Abstract
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Existing research on construction time-cost tradeoff issues rarely explore the origin of the crashing cost. Crashing cost function was either assumed without much justification, or came from historical data of some real projects. As a result the conclusions of the papers can hardly be used to guide allocations of labor and equipment resources respectively. The authors believe Cobb-Douglas function provides a much-needed piece to modeling the cost functions in the construction time-cost tradeoff problem during the crashing process. We believe this new perspective fills a gap of existing time-cost tradeoff research by considering project duration, labor and equipment cost as parameters of the CobbDouglas production function. A case study was presented to show how the proposed framework works. Our conclusion is that introducing Cobb-Douglas function into time-cost tradeoff problem provides us extra capacity to further identify the optimal allocations of labor and equipment resources during crashing.
Keywords:
Cobb-Douglas
production function
crashing
time-cost tradeoff
hybrid genetic algorithm
Journal
J
IF:
7
Papers:
3.1K
Citations:
6.8K
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