Time-Cost Optimization Model with Probabilistic Path and Float Consumption Impact

In construction projects, achieving their main objectives is an urgent goal, Getting the optimum
duration point which is associated with the minimum total cost with the lowest risk of delays. As
the results of the calculations of critical-path-method are denoted by “floats” (De La Garza). This
paper acknowledges the fact that “time is money” as time consumption is costly and time savings
can supply interests to all parties of the project. Time-cost optimization technique result in
reducing the available total float for noncritical activities, thus decrease the schedule flexible and
increase the network criticality. Float consumption impact in noncritical activities is one of the
complicated delays to assess on a project’s duration and cost. As a shortage of deterministic
critical path method cannot sense the impact of that consumption unless they overpass the values
of total float. This paper examines the relevance of a nonlinear-integer programming model with
the impact of total float consumption, and a probabilistic model with control the risks of float
consumption using Monte Carlo simulation.