A model for scheduling projects under the condition of inflation and under penalty and reward arrangements

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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Main Author: J.K. Jolayemi
Format: Article
Language:English
Published: Operations Research Society of South Africa (ORSSA) 2014-01-01
Series:ORiON
Online Access:http://orion.journals.ac.za/pub/article/view/191
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spelling doaj-0c1bd52d6f8a4f5eaac2f2c5a2b18e812020-11-24T23:47:49ZengOperations Research Society of South Africa (ORSSA)ORiON2224-00042014-01-0117010.5784/17-0-191144A model for scheduling projects under the condition of inflation and under penalty and reward arrangementsJ.K. JolayemiA 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.http://orion.journals.ac.za/pub/article/view/191
collection DOAJ
language English
format Article
sources DOAJ
author J.K. Jolayemi
spellingShingle J.K. Jolayemi
A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
ORiON
author_facet J.K. Jolayemi
author_sort J.K. Jolayemi
title A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
title_short A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
title_full A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
title_fullStr A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
title_full_unstemmed A model for scheduling projects under the condition of inflation and under penalty and reward arrangements
title_sort model for scheduling projects under the condition of inflation and under penalty and reward arrangements
publisher Operations Research Society of South Africa (ORSSA)
series ORiON
issn 2224-0004
publishDate 2014-01-01
description 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.
url http://orion.journals.ac.za/pub/article/view/191
work_keys_str_mv AT jkjolayemi amodelforschedulingprojectsundertheconditionofinflationandunderpenaltyandrewardarrangements
AT jkjolayemi modelforschedulingprojectsundertheconditionofinflationandunderpenaltyandrewardarrangements
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