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Selecting and scheduling interrelated projects: application in urban road network investment

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  • Elham Shayanfar
  • Paul M. Schonfeld

Abstract

Decisions about the selection of projects, alternatives, investments, operating policies and their implementation schedules are major subjects in various fields including operations research, financial analysis, business management, engineering economy and transportation planning. In these various disciplines sufficiently good methods have been developed for planning and prioritising projects when interrelations among those projects are negligible. However, methods for analysing interrelated alternatives are still inadequate. We propose a combinatorial method for evaluating and scheduling interrelated roadnetwork projects. In particular, this paper demonstrates how a traffic assignment model can be combined effectively with a genetic algorithm (GA) in a multi-period analysis to select and schedule road network projects while capturing interactions among those projects. The goal is to determine which projects should be selected and when they should be funded in order to minimise the present value of total system cost over a planning horizon, subject to budget flow constraints.

Suggested Citation

  • Elham Shayanfar & Paul M. Schonfeld, 2018. "Selecting and scheduling interrelated projects: application in urban road network investment," International Journal of Logistics Systems and Management, Inderscience Enterprises Ltd, vol. 29(4), pages 436-454.
    • Handle: RePEc:ids:ijlsma:v:29:y:2018:i:4:p:436-454
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