AN EXTENSION TO STOCHASTIC TIME-COST TRADE-OFF PROBLEM OPTIMIZATION WITH DISCOUNTED CASH FLOW

In this paper, an efficient multi-objective model is proposed to solve time-cost trade off problem considering cash flows. The proposed multi-objective meta-heuristic is based on Ant colony optimization and is called Non Dominated Archiving Ant Colony Optimization (NAACO). The significant feature of this work is consideration of uncertainties in time, cost and more importantly interest rate. A fuzzy approach is adopted to account for uncertainties. Mathematics of cash-flow analysis in a fuzzy environment is described. A case study is done using the proposed approach and the decision maker’s options to handle the uncertainties are investigated and discussed.