Economic optimization of construction project scheduling

Several techniques such as CPM, PERT, and time-cost trade-off are currently used in the process of project planning. None of these techniques, nor any combination of them, guarantees a project schedule that achieves one of the most important objectives of project planning, i.e. minimizing the total project cost. In this study, binary variables are used to formulate a linear integer model for optimization of project schedules. This model minimizes the sum of the cost of all resources used by a project, including time. The resultant schedule has an optimal duration, and the resource use is levelled economically. Two examples of project schedule optimization with this method are presented. Although the proposed model in its present form cannot be easily adopted by practising engineers for large projects, it could form the basis for future automation of project scheduling and resource allocation.