Authors:
Sena Senses
and
Mustafa Kumral
Affiliation:
Mining and Materials Engineering Department, McGill University, 3450 Rue University, Montréal, QC H3A 2A7, Canada
Keyword(s):
Project Management, Time-Cost Trade-off, Electrical Substation Construction, Discrete-Event Simulation.
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 q
uantify 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.
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