Solving Resource-constrained Discrete Time-cost Trade-off Problem by Memetic Algorithm

In common models of project time-cost trade-off, time value of money is not considered and often time-cost trade-off is performed without considering time value of money. In real world, pass of time causes decrease in money value. Therefore, taking into account the time value of money in time-cost trade-off problem makes this problem is becoming more and more realistic. In this paper, we study project time-cost trade-off problem With regard to time value of money and regarding constraint of resources. Initially, mathematical model of problem is suggested in a position that time-cost trade-off of activities is discrete. Then we propose a solution based on Memetic algorithm. In order to increase efficiency of algorithm, we set available parameters in the algorithm by Taguchi experiments designing. Results of numeric calculation originated by comparison of Memetic algorithm with Genetic algorithm in available literature represent appropriate performance of proposed solution approach.