An integrated model for planning development projects using ACO and construction simulation

In development projects, especially in a residential development project, the level and the number of facilities and the schedule must be carefully planned to ensure long-term operation and financial stability of the project. This paper proposes an integrated model that estimates the performance of a development project through simulation and searches for a near-optimal plan with the maximum net present value (NPV) using ant colony optimisation. A development project of coastal vacation residences is employed as the case study to evaluate the feasibility of the proposed model. The proposed model provides a solution featuring a near-largest NPV. The complicated and time-consuming calculations of the resource flows between activities can be accomplished through simulation, and the near-optimal development level and schedule of the facilities are assumed. With the support of the proposed model, the decision-making process is made substantially easier for the planner.