Integrating the multi-objective particle swarm optimization-based time–cost trade-off model with earned value management

Many interrelated activities exist in real construction projects, and each activity can be carried out in a variety of ways with varying resource requirements, times to completion, and costs. A significant amount of focus has been placed on construction project scheduling while resolving time–cost trade-off problems (TCTPs) prior to carrying out the actual construction. However, according to the earned value management (EVM) principle, if a project deviates from the real time and cost budgeted, it should be rescheduled throughout the execution phase. The article first identifies the optimal combination of activities based on multi-objective particle swarm optimization (MOPSO) for this purpose, and then uses the EVM theory to predict the project's overall performance at a specific point in execution. If anticipated project performance points to rescheduling, the revised alternatives must be allocated to project activities. Construction managers may more easily arrange, manage, and reschedule actual construction projects with the use of the created TCT-EVM model before and during the execution phase. To show how useful and effective the established model is, it is also used in a case study project. Moreover, after contrasting the outcomes with those attained using pre-existing TCT models, the superiority of the created model is shown.