A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
A zero-one mixed integer linear programming model is developed for the scheduling of projects under the condition of inflation and under penalty and reward arrangements. The effects of inflation on time-cost trade-off curves are illustrated and a modified approach to time-cost trade-off analysis pre...
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| Format: | Article |
| Language: | English |
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Operations Research Society of South Africa (ORSSA)
2014-01-01
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| Series: | ORiON |
| Online Access: | http://orion.journals.ac.za/pub/article/view/191 |
| Summary: | A zero-one mixed integer linear programming model is developed for the scheduling of projects under the condition of inflation and under penalty and reward arrangements. The effects of inflation on time-cost trade-off curves are illustrated and a modified approach to time-cost trade-off analysis presented. Numerical examples are given to illustrate the model and its properties. The examples show that misleading schedules and inaccurate project-cost estimates will be produced if the inflation factor is neglected in an environment of high inflation. They also show that award of penalty or bonus is a catalyst for early completion of a project, just as it can be expected. |
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| ISSN: | 2224-0004 |