Applications of BCMO algorithm to solve the time-cost trade-off optimization problem in construction projects

Abstract

Time-cost trade-off analysis is one of the most important problems of planning and controlling construction projects. Among the applied techniques, the group of metaheuristic methods is evaluated as having a strong capability and being able to solve in high efficiency the timecost trade-off problem. This paper presents the creation of a computing model for the time-cost trade-off optimization problem based on applying the Balancing Composite Motion Optimization (BCMO) - an algorithm belonging to a group of recently introduced metaheuristic methods - in combination with the Modified Adaptive Weight Approach. An example is analyzed to demonstrate the model's capability in generating optimal/near-optimal solutions. The results
obtained from the numerical experiment are also compared with the results when applying different algorithms which were published previously, showing the algorithm's advantage in solving complex optimization problems.

Keywords: Time-cost trade-off, Optimization, Metaheuristic; Weight approach, Balancing Composite Motion Optimization.