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Fuzzy Multi Objective Project Scheduling Under Inflationary Conditions

Author

Listed:
  • Fatemeh Azimi

    (Departmentof Mathematics, Qazvin Branch Islamic Azad University, Qazvin, Iran)

  • Fatemeh Fathallahi

    (Faculty of Industrial Engineering K.N. Toosi University of Technology, Tehran, Iran)

Abstract

Project scheduling is a major area of project management and planning. Due to the increasing prices of goods in most countries during the project and lack of information related to each parameters and variables, using fuzzy sets under inflationary condition can be efficient. In this paper, fuzzy project scheduling when project’s revenues and costs are increased by different inflationary rate is considered. The duration of each project’s activity is assumed as a fuzzy number. Two objectives of the problem are to minimize the project duration and to maximize the net present value of the project. The nonlinear multi-objective model will be solved by one of the multi- objective decision making methods named LP-Metric method and Frank-Wolf algorithm as one of the nonlinear programming procedure. The solving approach will be explained in a numerical example and the computational results will be reported.

Suggested Citation

  • Fatemeh Azimi & Fatemeh Fathallahi, 2016. "Fuzzy Multi Objective Project Scheduling Under Inflationary Conditions," ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, Faculty of Economic Cybernetics, Statistics and Informatics, vol. 50(3), pages 337-350.
    • Handle: RePEc:cys:ecocyb:v:50:y:2016:i:3:p:337-350
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    References listed on IDEAS

    as
    1. Herroelen, Willy & Leus, Roel, 2005. "Project scheduling under uncertainty: Survey and research potentials," European Journal of Operational Research, Elsevier, vol. 165(2), pages 289-306, September.
    2. Jolayemi, J. K. & Oluleye, A. E., 1993. "Scheduling of projects under the condition of inflation," Omega, Elsevier, vol. 21(4), pages 481-487, July.
    3. Sobel, Matthew J. & Szmerekovsky, Joseph G. & Tilson, Vera, 2009. "Scheduling projects with stochastic activity duration to maximize expected net present value," European Journal of Operational Research, Elsevier, vol. 198(3), pages 697-705, November.
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    More about this item

    Keywords

    Fuzzy sets; Inflation; Project scheduling; Makespan; NPV.;
    All these keywords.

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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