Resource Constrained Time-cost Trade-off Problem and its Genetic Algorithm Solution

As the fact that renewable resources were used in majority projects in modern enterprises, the classic time-cost trade-off problem was extended and a new resource-constrained time-cost trade-off problem based on random chance constrained programming was proposed, where the renewable resources were emphasized. The project cost was calculated based on renewable resources. Each activity could be implemented with compressed manner in which the renewable resources were devoted to shorten the activity duration. According to the characteristics of the model, an genetic algorithm based on random simulation technique was presented to solve this model. Finally, the practical example verified the validity of the model and effectiveness of the proposed algorithm.