Value Engineering and Multi-objective Genetic Algorithm Optimization: Expectations and Reality in Construction Industry in Egypt

Without doubt, construction industry is concerned with satisfying its customers’ needs by delivering projects that achieve their objectives and reach their expectations on a specific time, within the specified budget. In spite of the established housing programs constructed by governmental authorities, there is a real and irritating housing problem for the middle and low incomes in Egypt. This problem is attributed to lots of reasons. Most important one is the inability of the low incomers to cover the high cost of supplies and limited time needed for construction projects that is known as time–cost trade-off (TCT) problem. This highlighted the urge to develop innovative and creative solutions that can deliver housing projects that meet the needs of the users achieving their satisfaction at the most-cost effective way simultaneously. This aim will be reached through incorporating both the concepts of Value Engineering and multi-objective optimization strategies in developing housing projects for the middle/low-income people. This paper tries to spot the light on VE methodology and risk management in brief. Also, highlighting the role of genetic algorithms as an important solution for multi-objective optimization which is a simple method that collect the characteristics of the project, direct costs such as (labor, material, equipment, and subcontractors, etc.), indirect costs and with using multi elitism genetic algorithms techniques, that improve time-cost trade-off problem, and deals with all the costs of the project.