A new scheduling technique for the resource-constrained project scheduling problem with discounted cash flows

• Published in: International journal of production research Vol. 53; no. 9; pp. 2771 - 2786
• Main Authors: Leyman, Pieter, Vanhoucke, Mario
• Format: Journal Article
• Language: English
• Published: London Taylor & Francis 03.05.2015; Taylor & Francis LLC
• Subjects: Algorithms; Construction; Discounted cash flow; Feasibility; Finishes; genetic algorithm; Genetic algorithms; Heuristic; Mathematical functions; Mathematical models; Neighbouring; Net present value; Networks; Project management; resource-constrained project scheduling; Schedules; Scheduling; Studies
• ISSN: 0020-7543; 1366-588X
• DOI: 10.1080/00207543.2014.980463

In this paper, we discuss the resource-constrained project scheduling problem with discounted cash flows. We introduce a new schedule construction technique which moves sets of activities to improve the project net present value and consists of two steps. In particular, the inclusion of individual activities into sets, which are then moved together, is crucial in both steps. The first step groups the activities based on the predecessors and successors in the project network, and adds these activities to a set based on their finish time and cash flow. The second step on the contrary does so based on the neighbouring activities in the schedule, which may but need not include precedence related activities. The proposed scheduling method is implemented in a genetic algorithm metaheuristic and we employ a penalty function to improve the algorithm's feasibility with respect to a tight deadline. All steps of the proposed solution methodology are tested in detail and an extensive computational experiment shows that our results are competitive with existing work.