Abstract—The project managers encounter with difficult conditions with regard to fulfilling projects on time and within reserved resources. This sophisticated relationship among time and cost has been one of the challenging problems among project managers at all times. These types of problems were formerly defined and solved by traditional exact methods such as crashing method and linear programming. However, the complexity of the trade-off problem makes difficult to solve. Hence a number of methods called metaheuristics have evolved over the past few years. Although a few algorithms can be applied to time cost trade-off problem to make it more useful and valid with less computational time, some algorithms have not been studied adequately. This paper summarizes the existing metaheuristic methods and algorithms which are applied for solving time-cost trade-off problem, including genetic algorithm, swarm based algorithms, bio-inspired algorithms and etc. The potential contribution of this paper is to provide the current literature for researchers.
 

Index Terms—metaheuristic methods, time-cost trade-off problem, project management, literature review

Cite: Gülçağ Albayrak and İlker Özdemir, "A State of Art Review on Metaheuristic Methods in Time-Cost Trade-off Problems," International Journal of Structural and Civil Engineering Research, Vol. 6, No. 1, pp. 30-34, February 2017. doi: 10.18178/ijscer.6.1.30-34