## 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 $\mathrm{AC}_{(i)}$. Thereby the overall cost $\mathrm{C}$ is calculated as follows:

$C=\sum\limits_{i=1}^{n}\left(\mathrm{LC}_{(i)}+\mathrm{MC}_{(i)}+\mathrm{EC}_{(i)}+\mathrm{AC}_{(i)}\right),$                (12)

where $C=$ the overall cost of a construction project; $\mathrm{LC}_{(i)}, \mathrm{MC}_{(i)}, \mathrm{EC}_{(i)}, \mathrm{AC}_{(i)}=$ the cost of labor, materials, equipment, and administration in construction activity (i) respectfully; $n=$ number of all construction activities.