Evolutionary optimization model for managing project changes with minimum cost

Conventional project management techniques have been provided an effective tool to develop the optimal project schedule in the planning stage. However, in real world cases, very often projects are executed with high uncertainty and project changes are frequently occurred that can seriously delay projects and result in cost overruns. In order to handle the changes and deliver projects with established goals, contractors are required to adjust their project schedules and remodel their resource allocation and work plan more effectively. Since cost effective solutions are highly associated with the potential profit of a project, the ability to minimize project costs with a modified schedule is a very critical challenge to project managers. By using evolutionary optimization algorithms, this paper proposes a model that can identify the optimal schedule for the timing and the quantity of resources required to complete each activity with minimum project cost. With the support of the model, the cost impacts of project changes can be determined and reduced, so as to break the bottleneck of managing project changes in practices. The proposed model is a scientific and systematic methodology enabling project managers to quickly respond changes with minimized cost impacts and increased profit potential. A case study is also conducted to demonstrate the practical values of using the evolutionary optimization model on project change management.