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Scheduling a Project to Maximize Its Present Value: A Zero-One Programming Approach

Author

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  • Robert H. Doersch

    (Stanley Works Inc., Plantsville, Connecticut)

  • James H. Patterson

    (The Pennsylvania State University)

Abstract

A zero-one integer programming formulation of the project scheduling problem is reported which maximizes the discounted value of cash flows in a project when progress payments and cash outflows are made upon the completion of certain activities. While this problem has been treated previously, it has not been addressed in a manner which allows for the type of constraints treated in this paper. And while cash can be treated as any other resource in the noncash flow, resource-constrained version of this problem, the effects of cash inflows and outflows and the time sequencing alternatives for them allow for a different treatment of cash resources than has been previously reported.

Suggested Citation

  • Robert H. Doersch & James H. Patterson, 1977. "Scheduling a Project to Maximize Its Present Value: A Zero-One Programming Approach," Management Science, INFORMS, vol. 23(8), pages 882-889, April.
    • Handle: RePEc:inm:ormnsc:v:23:y:1977:i:8:p:882-889
    DOI: 10.1287/mnsc.23.8.882
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    Citations

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    Cited by:

    1. Kolisch, R. & Padman, R., 2001. "An integrated survey of deterministic project scheduling," Omega, Elsevier, vol. 29(3), pages 249-272, June.
    2. He, Yukang & Jia, Tao & Zheng, Weibo, 2023. "Tabu search for dedicated resource-constrained multiproject scheduling to minimise the maximal cash flow gap under uncertainty," European Journal of Operational Research, Elsevier, vol. 310(1), pages 34-52.
    3. Ulusoy, Gunduz & Ozdamar, Linet, 1996. "A framework for an interactive project scheduling system under limited resources," European Journal of Operational Research, Elsevier, vol. 90(2), pages 362-375, April.
    4. Yang, Kum Khiong & Tay, Lee Choo & Sum, Chee Chuong, 1995. "A comparison of stochastic scheduling rules for maximizing project net present value," European Journal of Operational Research, Elsevier, vol. 85(2), pages 327-339, September.
    5. Hartmann, Sönke & Briskorn, Dirk, 2008. "A survey of variants and extensions of the resource-constrained project scheduling problem," Working Paper Series 02/2008, Hamburg School of Business Administration (HSBA).
    6. Etgar, Ran & Shtub, Avraham & LeBlanc, Larry J., 1997. "Scheduling projects to maximize net present value -- the case of time-dependent, contingent cash flows," European Journal of Operational Research, Elsevier, vol. 96(1), pages 90-96, January.
    7. Herroelen, Willy S. & Van Dommelen, Patrick & Demeulemeester, Erik L., 1997. "Project network models with discounted cash flows a guided tour through recent developments," European Journal of Operational Research, Elsevier, vol. 100(1), pages 97-121, July.
    8. Hartmann, Sönke & Briskorn, Dirk, 2010. "A survey of variants and extensions of the resource-constrained project scheduling problem," European Journal of Operational Research, Elsevier, vol. 207(1), pages 1-14, November.
    9. Leyman, Pieter & Vanhoucke, Mario, 2017. "Capital- and resource-constrained project scheduling with net present value optimization," European Journal of Operational Research, Elsevier, vol. 256(3), pages 757-776.
    10. He, Zhengwen & Liu, Renjing & Jia, Tao, 2012. "Metaheuristics for multi-mode capital-constrained project payment scheduling," European Journal of Operational Research, Elsevier, vol. 223(3), pages 605-613.
    11. He, Zhengwen & Wang, Nengmin & Jia, Tao & Xu, Yu, 2009. "Simulated annealing and tabu search for multi-mode project payment scheduling," European Journal of Operational Research, Elsevier, vol. 198(3), pages 688-696, November.
    12. Vanhoucke, Mario & Demeulemeester, Erik & Herroelen, Willy, 2003. "Progress payments in project scheduling problems," European Journal of Operational Research, Elsevier, vol. 148(3), pages 604-620, August.
    13. Mika, Marek & Waligora, Grzegorz & Weglarz, Jan, 2005. "Simulated annealing and tabu search for multi-mode resource-constrained project scheduling with positive discounted cash flows and different payment models," European Journal of Operational Research, Elsevier, vol. 164(3), pages 639-668, August.

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