Feasibility Study for Construction Projects in Uncertainty Environment with Optimization Approach

Abstract

Construction projects are inherently complex and susceptible to various uncertainties throughout their lifecycle. These uncertainties can significantly impact project feasibility, leading to cost overruns, schedule delays, and reduced profitability. This paper explores the application of optimization approaches to enhance feasibility studies for construction projects in an uncertainty environment. We review existing literature on feasibility studies, uncertainty management, and optimization techniques in construction. The methodology proposes a framework for integrating uncertainty analysis and optimization into feasibility studies. A numerical example demonstrates the efficacy of the proposed framework by optimizing project schedules and resource allocation under different uncertainty scenarios. The results highlight the potential of optimization approaches to improve decision-making in feasibility studies, leading to more robust and reliable project assessments.