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Payment models and net present value optimization for resourceconstrained project scheduling
Leyman, Pieter Vanhoucke, Mario
Leyman, Pieter
Vanhoucke, Mario
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Publication Type
Journal article with impact factor
Editor
Supervisor
Publication Year
2016
Journal
Computers and Industrial Engineering
Book
Publication Volume
91
Publication Issue
January
Publication Begin page
139
Publication End page
153
Publication Number of pages
Collections
Abstract
This manuscript focuses on the single- and multi-mode resource-constrained project scheduling problem with discounted cash flows (RCPSPDC and MRCPSPDC) and three payment models. The contribution of the paper is twofold. First, we extend a new scheduling technique, which moves activities in order to improve the project net present value. This more general version is applicable to multiple problem formulations and provides an overarching framework in which these models can be implemented. The changes in activity finish times take other activities and the possible changes in the finish times of these other activities into account, by forming a set of activities which is subsequently moved in time. The scheduling technique is implemented within a genetic algorithm metaheuristic and employs two penalty functions, one for deadline feasibility and one for non-renewable resource feasibility. Second, we test the proposed approach on several datasets from literature and illustrate the added value of each part of the algorithm. The influence of data parameters on the project net present value is highlighted. The detailed results provided in this paper can be used as future benchmarks for each of the six models discussed.
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Keywords
Net Present Value, Payment Models, Resource-constrained Project Scheduling, Metaheuristics