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An Investigation of Time-Cost-Risk Trade-Off in the Installation of X-Ray Machine Using Response Surface Methodology
Abstract
The conflicting objectives of time, cost and risk are critical to the success of any project. Consequently, an improvement in one objective may lead to a simultaneous degradation of the conflicting objective. Project managers usually desire the minimization of the duration, cost and risk of a project while maximizing project quality. While the Time-Cost trade-off Problem (TCTP) and Time-Cost-Quality trade-off problem (TCQTP) have been well researched not much studies have been done on the Time-Cost-Risk trade-off problem (TCRTP). The objective of this study is to develop an optimization model for TCRTP based on some realistic assumptions with the aim of minimizing time, cost and risks while ensuring that the project is completed based on specifications. Optimization models were developed for the problem and solved using response surface methodology on Minitab 16 statistical software. The model was applied to the installation procedures for X-ray machines.
