Discrete Time Cost Trade-Off for Multi Mode Problems in CPM

Abstract

In managing a project, there is often the option of applying additional funds to reduce the processing time of some activities. Models developed for tackling this trade-off are known as time-cost trade-off models. There are two possible objectives for these models. One could either try to find the minimum cost activity processing times while meeting a given deadline (the deadline problem) or minimize the duration of the entire project meeting a given budget constraint (the budget problem). Also, it might be of interest to compute the entire project cost curve.