Time-Cost Trade-Off Analysis in a Construction Project Problem: Case Study

In construction project, cost and time reduction is crucial in today's competitive market respect. Cost and time along with quality of the project play vital role in construction project's decision. Reduction in cost and time of projects has increased the demand of construction project in the recent years. Trade-off between different conflicting aspects of projects is one of the challenging problems often faced by construction companies. Time, cost and quality of project delivery are the important aspects of each project which lead researchers in developing time-cost trade-off model. These models are serving as important management tool for overcoming the limitation of critical path methods frequently used by company. The objective of time-cost trade-off analysis is to reduce the original project duration with possible least total cost. In this paper critical path method with a heuristic method is used to find out the crash durations and crash costs. A regression analysis is performed to identify the relationship between the times and costs in order to formulize an optimization problem model. The problem is then solved by Matlab program which yields a least cost of $60937 with duration 129.50 ?130 days. Applying this approach, the result obtained is satisfactory, which is an indication of usefulness of this approach in construction project problems