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Multi-objective time-cost optimization using Cobb-Douglas production function and hybrid genetic algorithm

    Zhigang Shen Affiliation
    ; Ashkan Hassani Affiliation
    ; Qian Shi Affiliation

Abstract

 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 Cobb- Douglas 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.

Keyword : Cobb-Douglas, production function, crashing, time-cost tradeoff, hybrid genetic algorithm

How to Cite
Shen, Z., Hassani, A., & Shi, Q. (2016). Multi-objective time-cost optimization using Cobb-Douglas production function and hybrid genetic algorithm. Journal of Civil Engineering and Management, 22(2), 187-198. https://doi.org/10.3846/13923730.2014.897966
Published in Issue
Mar 1, 2016
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This work is licensed under a Creative Commons Attribution 4.0 International License.