Managing Trade-off Between Cost and Time in Project Scheduling Problems Using Discrete Event Simulation

Sena Senses, Mustafa Kumral

2023

Abstract

Project Management is a key activity in engineering and business entities to achieve specific objectives (e.g., construction, expansion, supply chain, and replacement). Effective project management includes a detailed investigation of the project’s costs and benefits and examining the short- and long-term effects of project design and implementation. In the mining industry, due to the operations’ inherent complexity and uncertainty associated with geological and financial inaccuracies, there is a substantial risk that the project may run over budget and schedule. It is vital to consider the project’s uncertainties to meet the project’s goals. This paper proposes a combined simulation and optimization model for time-cost trade-off project scheduling problems under uncertainty. A numerical example is conducted to demonstrate the effectiveness of the developed model through an electrical substation construction project conducted in a mine. By introducing numerous crashing scenarios to quantify the impact of uncertainty on the entire project and to assess the risks, the trade-off between time and cost is achieved under the project budget and deadline constraints. The proposed research has a significant potential to improve the management of construction projects considering a detailed project management methodology.

Paper Citation

in Harvard Style

Senses S. and Kumral M. (2023). Managing Trade-off Between Cost and Time in Project Scheduling Problems Using Discrete Event Simulation. In Proceedings of the 13th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH; ISBN 978-989-758-668-2, SciTePress, pages 178-185. DOI: 10.5220/0012004900003546

in Bibtex Style

@conference{simultech23,
author={Sena Senses and Mustafa Kumral},
title={Managing Trade-off Between Cost and Time in Project Scheduling Problems Using Discrete Event Simulation},
booktitle={Proceedings of the 13th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH},
year={2023},
pages={178-185},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012004900003546},
isbn={978-989-758-668-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 13th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH
TI - Managing Trade-off Between Cost and Time in Project Scheduling Problems Using Discrete Event Simulation
SN - 978-989-758-668-2
AU - Senses S.
AU - Kumral M.
PY - 2023
SP - 178
EP - 185
DO - 10.5220/0012004900003546
PB - SciTePress