A heuristic method of equipment acquisitioning for maximum profit

Butler, R. S. (1972) A heuristic method of equipment acquisitioning for maximum profit. Masters thesis, Memorial University of Newfoundland.

[English] PDF (Migrated (PDF/A Conversion) from original format: (application/pdf)) - Accepted Version Available under License - The author retains copyright ownership and moral rights in this thesis. Neither the thesis nor substantial extracts from it may be printed or otherwise reproduced without the author's permission. Download (2MB) [English] PDF - Accepted Version Available under License - The author retains copyright ownership and moral rights in this thesis. Neither the thesis nor substantial extracts from it may be printed or otherwise reproduced without the author's permission. (Original Version)

Abstract

Many large construction projects are planned utilizing the critical path method (CPM). Resource allocation is carried out to determine the resources required on such projects and leveling of resources is performed to minimize fluctuations in demand. No attempt is made to check for economic and financial feasibility of the equipment acquisition in conjunction with the allocation procedure. The mode of acquisition is determined by purchasing personnel independently of the total cost of the project. The result is sub-optimization. -- The subject of this thesis is the heuristic method which has been developed to integrate the mode of equipment acquisition with the resource allocation on a project planned on the critical path method. -- There are twenty one input variables covering, physical, economic and financial feasibility to the algorithm. In the algorithm, several project durations are generated based on different levels of resource allocation. The cost associated with each project duration is determined. These costs are compared and a selection made which provides the minimum cost to complete the project. The thesis also contains a discussion of how the integration of the acquisition algorithm with the CPM and resource allocation programs has been achieved. The whole constitutes a complete package for scheduling construction project activities, determining the equipment required and specifying the mode of acquisition in a multi-resource and sequential multi- project environment.

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