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

J.K. Jolayemi | Zendy

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

Author(s) -

J.K. Jolayemi

Publication year - 2014

Publication title -

orion/orion

Language(s) - English

Resource type - Journals

eISSN - 2224-0004

pISSN - 0259-191X

DOI - 10.5784/17-0-191

Subject(s) - inflation (cosmology) , scheduling (production processes) , mathematical optimization , economics , integer programming , linear programming , computer science , zero (linguistics) , econometrics , operations research , mathematical economics , mathematics , theoretical physics , linguistics , philosophy , physics

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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