A Comparative Study of Time and Cost Optimization in Project Management: Primavera P6 & Linear Programming with Lingo Solver

In an effort to boost efficiency and reduce costs, computer-based solutions have become more popular for project management. Although Primavera P6 and other traditional tools have proved essential for project planning and control, difficulties still arise with complicated projects. An innovative approach is provided by the development of mathematical optimization techniques, especially Linear Programming (LP) with programmes like Lingo Solver. The purpose of this study is to compare the time and cost optimization of Primavera P6 and Lingo Solver’s LP. The goals are to analyse the advantages and disadvantages, evaluate the effectiveness and adaptability, and offer useful information to decision-makers. Application of Lingo Solver’s LP is found to significantly reduce project duration, with a significant impact on cost trends. On the other hand, Primavera P6 shows that project duration can be reduced while maintaining the same level of cost. The study highlights how the duration of the project, additional indirect expenses, and costs interplay dynamically throughout the duration of the project. This research provides useful insights to the continuing discussion on project management methodologies by bridging the gap between conventional project management tools and advanced optimization techniques. This will help decision-makers overcome the complexities of project optimization for optimal results in practical applications.