Time-Cost-Quality Tradeoff Modeling based on Resource Allocation
Read this article. The paper presents an optimization model that enables managers to effectively evaluate trade-offs related to time, cost, and other competing priorities. Pay particular attention to Section 6 as it provides an illustrated example of building a home.
Formulating PTCQTP Model
Calculating Overall Cost
The overall cost of a construction project is added up with each construction activity's cost and its administration cost 
. Thereby the overall cost 
is calculated as follows:
(12)
where 
the overall cost of a construction project; 
the cost of labor, materials, equipment, and administration in construction activity (i) respectfully; 
number of all construction activities.