On Project Cost-Duration Analysis Problem with Quadratic and Convex Cost Functions
Optimality conditions for convex programming problem are applied to the project cost-duration analysis problem for project network with convex cost. The optimality conditions give an optimality curve or an out-of-kilter type diagram for this problem. A solution is optimal if and only if when the values for activities are plotted on their optimality diagram, the values lie on the optimality curve. An algorithm is developed for the case when the cost is quadratic and convex. The different steps of the algorithm generate the solutions in such a way that it always lies on the optimality curve. Thus, problems with convex cost functions can be approximated by quadratic functions. This is better than linear approximation as is generally discussed in literature.
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