Time-Cost-Quality-Risk Trade-Off In Engineering Projects
In project management, the fundamental project concepts of Time, Cost, Quality and Risk are conflicting terms which should be appropriately assigned to project activities to achieve the desired objectives of project stakeholders. In this study an optimization model was developed for Time-Cost-Quality-Risk-Trade-offin projects. The algorithm was implemented in the MATLAB software using multiobjective genetic algorithm and applied to a sample 18-activity project.Pareto optimal solutions were generated from which the decision maker can choose based on his preferences.
Keywords- Time Cost, Quality, Risk And Optimization