A model for scheduling projects under the condition of inflation and under penalty and reward arrangements

J.K. Jolayemi

Abstract


A zero-one mixed integer linear programming model is developed for the scheduling of projects under the condition of inflation and under penalty and reward arrangements. The effects of inflation on time-cost trade-off curves are illustrated and a modified approach to time-cost trade-off analysis presented. Numerical examples are given to illustrate the model and its properties. The examples show that misleading schedules and inaccurate project-cost estimates will be produced if the inflation factor is neglected in an environment of high inflation. They also show that award of penalty or bonus is a catalyst for early completion of a project, just as it can be expected.

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DOI: https://doi.org/10.5784/17-0-191

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ISSN 2224-0004 (online); ISSN 0259-191X (print)

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