This paper is published in Volume-7, Issue-5, 2021
Area
Operations Research
Author
Samarth Madan, Sanchi Gupta, Sayyam Nandu, Sanyam Jain, Ronit Sarawgi
Org/Univ
NMIMS Anil Surendra Modi School of Commerce, Mumbai, Maharashtra, India
Pub. Date
11 October, 2021
Paper ID
V7I5-1332
Publisher
Keywords
CPM (Critical Path Method), PERT, Commercial Business Cycle, Operational Research, Linear Programming, Simplex Method, Transportation Problem, Monte-Carlo Simulation, Decision Theory, FDI, Construction methods, Construction management, Inventories, Mathematics, Probability, Matrix (Mathematics), Linear functions

Citationsacebook

IEEE
Samarth Madan, Sanchi Gupta, Sayyam Nandu, Sanyam Jain, Ronit Sarawgi. Project planning and cost optimization in Construction Industry, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Samarth Madan, Sanchi Gupta, Sayyam Nandu, Sanyam Jain, Ronit Sarawgi (2021). Project planning and cost optimization in Construction Industry. International Journal of Advance Research, Ideas and Innovations in Technology, 7(5) www.IJARIIT.com.

MLA
Samarth Madan, Sanchi Gupta, Sayyam Nandu, Sanyam Jain, Ronit Sarawgi. "Project planning and cost optimization in Construction Industry." International Journal of Advance Research, Ideas and Innovations in Technology 7.5 (2021). www.IJARIIT.com.

Abstract

Operations Research is an analytical tool to support complex problem-solving and decision-making. The success of OR methods is that it is a systematic approach that provides a framework for constructing conceptual and mathematical models, analyzing alternatives with respect to specified measurable parameters, and finding out the best solutions among all alternatives under a constraint environment. OR contributes to improve project management by applying different techniques such as Critical Path Methods (CPM) and Project Evaluation Review Technique (PERT), reduce logistics cost and quality delivery through network optimization, traffic simulations, decision theory, game bottleneck elimination (game theory), linear programming, transportation problems, etc. In this research paper, we are mainly focused on the practical application of Operations Research in the construction industry to optimize cost for quality and timely delivery with minimum wastages. (Suthar Nisarg Arvindbhai1, 2020).