A common decision in project management is the selection of contractors to simultaneously optimize three objectives of the project’s triangle. This issue becomes more important if there is more monetary value involved or there is limited number of capable contractors. In project planning, there is numerous choices for tasks; each with specific time, cost and quality. There is no trade-off problem, if one of the choices has the best time, cost, and quality, simultaneously. However, as these criteria do not generally work in a unique direction, it makes the selection decision difficult. A contractor who performs the projects on time may have higher cost and lower quality. Given that there is a...
A common decision in project management is the selection of contractors to simultaneously optimize three objectives of the project’s triangle. This issue becomes more important if there is more monetary value involved or there is limited number of capable contractors. In project planning, there is numerous choices for tasks; each with specific time, cost and quality. There is no trade-off problem, if one of the choices has the best time, cost, and quality, simultaneously. However, as these criteria do not generally work in a unique direction, it makes the selection decision difficult. A contractor who performs the projects on time may have higher cost and lower quality. Given that there is a...