• Management & Information Systems Review
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• v.5
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• pp.287-300
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• 2000

Project Managers want to reduce the cost and the completion time of the project simultaneously. But the project completion time tends to increase as the project cost is reduced, and the project cost has a tendency to increase as the project completion time is reduced. In this paper, the resource constrained project scheduling problem with multiple crashable modes is considered. An exact solution method for finding the efficient solution set and the computational results are introduced.

• Journal of Korea Society of Industrial Information Systems
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• v.22 no.1
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• pp.61-67
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• 2017

For a project network analysis, a fundamental problem is to estimate the distribution function of the project completion time. In this paper, we propose a method for evaluating moments(mean, variance, skewness, kurtosis) of the project completion time under the assumption that the durations of activities are independently and normally distributed. The proposed method utilizes the technique of discretization to replace the continuous probability density function(pdf) of activity duration with its discrete pdf and a random number generation. The proposed method is easy to use for large-sized project networks, and the computational results of the proposed method indicate that the accuracy is comparable to that of direct Monte Carlo simulation.

• Journal of Korea Society of Industrial Information Systems
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• v.23 no.3
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• pp.49-57
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• 2018

In a previous article, for analyzing a stochastic activity network, Cho proposed a method for estimating the moments (mean, variance, skewness, kurtosis) of the project completion time under the assumption that the durations of activities are independently and normally distributed. Developed in the present article is a method for estimating those moments for stochastic activity networks which allow any type of distributions for activity durations. The proposed method uses the moment matching approach to discretize the distribution function of activity duration, and then a discrete inverse-transform method to determine activity durations to be used for calculating the project completion time. The proposed method can be easily applied to large-sized activity networks, and computationally more efficient than Monte Carlo simulation, and its accuracy is comparable to that of Monte Carlo simulation.

• Journal of the Korean housing association
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• v.22 no.2
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• pp.43-51
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• 2011

This study aims to analyze the on-site improvement area of residential environment improvement project based on research results derived from the on-site and questionnaire survey in case of Daegu. The main findings are as follows. First, residents complain about delay of project completion because a long time has been passed after on-site improvement area was designated. Experts and government officials agree that a new method of development is required. Second, future development should discriminate on-site improvement area according to its level of project completion. The area should be classified into project completion areas and on-going area, and new methods, such as redevelopment, apartment-housing construction method, should be allowed. Third, for better management of on-site improvement area, laws and regulations must be ready and government's will for improvement is crucial.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.243-251
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• 2013

Cash management is a major concern for all contractors in the construction industry. It is arguable that cash is the most critical resource of all. A contractor needs to secure sufficient funds to navigate the project to the end, while keeping an eye on maximizing profits along the way. Past research attempted to address such topic via developing models to tackle the time-cost tradeoff problem, cash flow forecasting, and cash flow management. Yet, little was done to integrate the three aspects of cash management together. This paper, as such, presents a comprehensive model that integrates the time-cost tradeoff problem, cash flow management, and cash flow forecasting. First, the model determines the project optimal completion time by considering the different alternative construction methods available for executing project activities. Second, it investigates different funding alternatives and proposes a project-level cash management plan. Two funding alternatives are considered; they are borrowing and company own financing. The model was built as a combinatorial optimization model that utilizes ant colony search capabilities. The model also utilizes Microsoft Project software and spreadsheets to maintain an environment that incorporates activities, their durations, and other project data, in order to estimate project completion time and cost. Ant Colony Optimization algorithm was coded as a Macro program using VBA. Finally, an example project was used to test the developed model, where it acted reliably in maximizing the contractor's profit in the test project.

• Architectural research
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• v.10 no.1
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• pp.41-48
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• 2008

Construction projects have frequently exceeded their schedule despite reliable estimates at the start of a project. This problem was attributed to unpredictable causes at the beginning and to shortage of proper tools to accurately predict project completion date. To supplement this difficulty, project managers need a comprehensive system that can be employed to monitor the progress of an ongoing project and to evaluate potential delay for achieving the goal on time. This paper proposed a progressive-based expert system for quantitative assessments of project delay at the early stages of the execution. Furthermore, the system is used to inspect the change of the uncertainty on completion date and its magnitude. The proposed expert system is helpful for furnishing project managers a warning signal as a project is going behind schedule and for tracking the changed uncertainty at a desired confidence level. The main objectives of this paper are to offer a new system to overcome the difficulties of conventional forecasting tools and to apply a construction project into the system to illustrate its effectiveness. This paper focuses on construction phase of project development and is intended for the use by project managers.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.575-578
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• 2004

Since a construction project is a series of works that utilizes resources to accomplish the project goal for a given time period, efficient resource management is a prerequisite for the success of the project. Two major areas of resource management are resource constrained scheduling focusing on the limited resource availability and resource leveling focusing on smoothing resource usage pattern on the fixed project completion time. It is not available, however, to apply both techniques to a project at the same time. This paper proposes a model to enhance the minimum moment algorithm of resource leveling, aiming to find an efficient usage of resources and an appropriate project completion time. A survey is performed to evaluate the major five factors using the AHP.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2018.05a
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• pp.41-42
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• 2018

Various methods that crash the project completion time have been studied. Line-of-Balance (LOB) is well accepted as a useful method that enables steady resource utilization without frequent hire-and-fire of resources for a project having repetitive units. Existing studies involved in LOB-CPM focuses on thesis such as resource leveling and optimization in construction scheduling community. However, crashing methods are not arrived at a full maturity in LOB scheduling, because no one handles steady resource utilization while keeping activity-relationships. This paper proposes a method that crashes project completion time by hybridizing concurrent engineering and LOB scheduling without using additional resources.

• IE interfaces
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• v.13 no.1
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• pp.110-119
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• 2000

Resource-constrained project scheduling is to allocate limited resources to activities to optimize certain objective functions and to determine a start time for each activity in the project such that precedence constraints and resource requirements are satisfied. This study suggests a multi-project scheduling model which can level work loads, make the most of production capacity and restrain the delay of delivery by developing a heuristic algorithm which minimizes the project completion time and maximizes the load rate under resource constraints.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.174-178
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• 2015

This paper presents a new method for forecasting construction project cost and time at completion or at any intermediate time horizon of the project duration. The method is designed to overcome identified limitations of current applications of earned value method in forecasting project cost and time. The proposed method usesfuzzy set theory to model uncertainties associated with project performance and it integrates the earned value technique and the contractors' judgement. The fuzzy set theory is applied as an alternative approach to deterministic and probabilistic methods. Using fuzzy set theory allows contractors to: (1) perform risk analysis for different scenarios of project performance indices, and (2) perform different scenarios expressing vagueness and imprecision of forecasted project cost and time using a set of measures and indices. Unlike the current applications of Earned Value Method(EVM), The proposed method has a numberof interesting features: (1) integrating contractors' judgement in forecasting project performance; (2) enabling contractors to evaluate the risk associated with cost overrun in much simpler method comparing with that of simulation, and (3) accounting for uncertainties involved in the forecasting project cost.