Optimizing the Renovation Scheduling of Leased Residential Buildings to Minimize Total Project Cost

Abstract

This paper presents the development of a novel model for optimizing the scheduling of renovation projects for leased residential buildings. The computations of the developed model are executed using an optimization module that identifies an optimal renovation schedule that minimizes total renovation cost, a scheduling module that calculates the start and finish dates of each activity in all residential units, and a cost module that estimates the total renovation cost of each generated solution in the optimization module. A real-life case study of a residential renovation project is analyzed to compare the generated results by the model to those provided by two available models and three current industry practices. The outcome of this analysis confirms that the model was able to reduce the total renovation cost of the case study by 3.6%–4% compared to available models/practices. Furthermore, the results of the case study clearly illustrate the novel contributions of the model and its unique capability of complying with all relevant constraints, including the unit availability date, identifying an optimal project start date and an optimal unit renovation sequence for all leased residential units and minimizing the total renovation cost of leased residential buildings.