Project scheduling by incorporating potential quality loss cost in time-cost tradeoff problems

Purpose: The study aims to introduce two new models of project scheduling by incorporating potential quality loss cost (PQLC) in time–cost tradeoff problems by overcoming the drawbacks of the existing Kim, Khang and Hwang (KKH) model. The proposed methods are named the Revised KKH-I (RKKH-I) and Revised KKH-II (RKKH-II) models for project scheduling. Design/methodology/approach: The performance of the existing KKH model has been tested using a numerical example followed by the identification of the main shortcomings of the KKH method. Later, a concrete effort has been made to address its shortcomings while improving its performance significantly. The comparative analysis of the Revised KKH models with the original model has also been presented along with sensitivity analyses. Findings: The study recognizes that the construct on which the original KKH method was built is important; however, certain drawbacks make it unable to consider PQLC in projects, thus making its practical use questionable. The comparative analysis of the proposed methodology with the original method demonstrated that the new models (RKHH-I and II) are more comprehensive and intelligent than the existing KKH model. Originality/value: The comparative analysis of the original KKH model and its improved version reveals that the revised model is far more suitable for project scheduling. The study is important for project managers who recognize project scheduling being one of the key parameters associated with project management process, crucial to control every day during the management of projects.