Developing an optimization financing cost-scheduling trade-off model in construction project

Tavakolan, Mehdi; Nikoukar, Shayan

doi:10.1080/15623599.2019.1619439

Cited by 14 publications

(8 citation statements)

References 49 publications

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“…Thus, governments should explore private sector financing as a means of involving private entities in infrastructure and public initiatives (Tavakolan and Nikoukar, 2022) while avoiding permanent ownership of infrastructure projects (Chen et al, 2022). In developing countries, financial crises and institutional inefficiencies exacerbate the challenge of allocating sufficient capital for the implementation of large projects (Tinsley, 2022;Norena-Chavez and Thalassinos, 2023).…”

Section: Project Financing Methodsmentioning

confidence: 99%

Challenges and Legal Aspects of Financing Projects Through Cryptocurrencies in Iran

Sayed,

Yazdan

2023

ijfirm

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Purpose:In this article, the objective is to clarify the uncertainty surrounding the significant elements of using digital currencies to fund national projects, especially infrastructure projects and the transfer of knowledge and technology to the country, a particular focus. Design/Methodology/Approach: The present study utilizes a qualitative methodology suitable for descriptive and exploratory studies to accomplish its objectives. As a result of this approach, the researchers will be able to comprehensively analyze the existing literature on the operational and legal complexities associated with cryptocurrencies. Findings: The legal part also aims to highlight the significant results and recommendations for the readers and policymakers to overcome the legal challenges and achieve the ultimate goal of this technology, taking into consideration the risks associated with this digital asset of exchange. Practical Implications: Blockchain technologies offer new open source-based opportunitiesfor developing new types of digital platforms and services. While research on the topics emerging, it has this far been predominantly focused to technical and legal issues. in continues pinpoints the most pressing legal issues concerning this virtual form of money. Originality/Value: In this connection, researchers in different parts of the world have endeavored to reach and present their findings along with their suggestions and recommendations to improve the current status of this relatively nascent technology.

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Section: Project Financing Methodsmentioning

confidence: 99%

Challenges and Legal Aspects of Financing Projects Through Cryptocurrencies in Iran

Sayed,

Yazdan

2023

ijfirm

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“…Interest in hybrid algorithms to solve optimization problems has grown significantly in recent years as they exploit the benefits of different algorithms and ultimately provide high-quality solutions [86]. Among the famous hybrid genetic algorithm models that have been adopted in the literature to optimize TCT in construction projects is the combination of genetic algorithms with simulated annealing as it enables an improved hill-climbing ability and has a better fining capability [87,88].…”

Section: Hybrid Algorithm Modelsmentioning

confidence: 99%

Systematic Review of the Time-Cost Optimization Models in Construction Management

2023

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The construction sector is a crucial contributor to the national and global economy. Therefore, improving the efficiency and effectiveness of construction projects can have a significant impact on gross domestic product (GDP). However, managing construction projects can be challenging due to the uncertainties and complexities involved. The three primary interrelated constraints of construction projects, namely, time, scope, and cost, require effective management to ensure successful completion. To optimize the time and cost of construction projects, various optimization models and techniques have been proposed in the literature. This paper presents a systematic review of the time-cost optimization models in construction management and proposes some future work to improve the solution of the considered problem. The review categorizes the existing models into three categories: exact models, approximate models, and hybrid algorithm models. The exact models provide optimal solutions but require a lot of computational time and may not be efficient in solving multi-objective and large-scale problems. The approximate models provide near-optimal solutions and reduce computational effort but may not be efficient in solving large-scale projects. The hybrid algorithm models combine the good properties of different algorithms to provide high-quality and efficient solutions. The purpose of this paper is accomplished through a systematic literature review following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. The paper analyzes the contribution, advantages, and limitations of each category and provides recommendations for future work. Based on the review, several recommendations for future work are provided, including the development of hybrid models that combine different optimization techniques, the incorporation of risk management into optimization models, and the use of advanced data analytics techniques to improve the accuracy of optimization models. Overall, this paper provides an up-to-date comprehensive review of the time-cost optimization models used in construction management and offers valuable insights for researchers and practitioners in this field. The findings of this review can be used to guide future research and improve the effectiveness of optimization models for construction projects.

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“…Parsamehr et al proposed a method to optimize scheduling using a building information model in the context of resource-constrained schedule, cost, and safety management in building construction, thus optimizing the scheduling of resources while effectively building a construction decision framework [19]. Tavakolan and Nikoukar proposed a hybrid meta-heuristic algorithm based on the analysis of project resources to solve the multi-objective optimization problem in construction project planning [20].…”

Section: Related Workmentioning

confidence: 99%

Application of Improved Artificial Immune System Algorithm Based on Applied Mathematics for Optimization of Manpower Allocation in Construction Engineering

Huang¹,

Bai

2023

Processes

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The outbreak of the COVID-19 pandemic has led construction companies to prioritize the intelligent and optimal scheduling of human resources in construction projects to reduce costs. This study addresses the problem of heterogeneity in human resource scheduling in construction projects, presents a mathematical model with generic human resources as an example, proposes an improved artificial immune system (NAIS) algorithm to solve the problem, and verifies its effectiveness. Experimental results show that the NAIS algorithm achieves the optimal duration of 9 days in just 2 s using the Matrix Laboratory (MATLAB), which is significantly faster than mathematical optimization technique software (CPLEX), thus confirming the feasibility of the NAIS algorithm. Additionally, the average PD values for the NAIS algorithm, calculated for different worker counts, skills, and the number of tasks, were lower compared to the comparison algorithm. Overall, the NAIS algorithm effectively addresses the heterogeneous problem of human resource scheduling in construction projects with multiple modes, thereby optimizing construction engineering labor allocation.

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Developing an optimization financing cost-scheduling trade-off model in construction project

Cited by 14 publications

References 49 publications

Challenges and Legal Aspects of Financing Projects Through Cryptocurrencies in Iran

Challenges and Legal Aspects of Financing Projects Through Cryptocurrencies in Iran

Systematic Review of the Time-Cost Optimization Models in Construction Management

Application of Improved Artificial Immune System Algorithm Based on Applied Mathematics for Optimization of Manpower Allocation in Construction Engineering

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