Abstract
Purpose
– Developing an optimized project schedule that considers all decision criteria represents a challenge for project managers. The purpose of this paper is to provide a multi-objectives overall optimization model for project scheduling considering time, cost, resources, and cash flow. This development aims to overcome the limitations of optimizing each objective at once resulting of non-overall optimized schedule.
Design/methodology/approach
– In this paper, a multi-objectives overall optimization model for project scheduling is developed using particle swarm optimization with a new evolutionary strategy based on the compromise solution of the Pareto-front. This model optimizes the most important decisions that affect a given project including: time, cost, resources, and cash flow. The study assumes each activity has different execution methods accompanied by different time, cost, cost distribution pattern, and multiple resource utilization schemes.
Findings
– Applying the developed model to schedule a real-life case study project proves that the proposed model is valid in modeling real-life construction projects and gives important results for schedulers and project managers. The proposed model is expected to help construction managers and decision makers in successfully completing the project on time and reduced budget by utilizing the available information and resources.
Originality/value
– The paper presented a novel model that has four main characteristics: it produces an optimized schedule considering time, cost, resources, and cash flow simultaneously; it incorporates a powerful particle swarm optimization technique to search for the optimum schedule; it applies multi-objectives optimization rather than single-objective and it uses a unique Pareto-compromise solution to drive the fitness calculations of the evolutionary process.