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A metaheuristic scheduling procedure for resource‐constrained projects with cash flows

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  • Dan Zhu
  • Rema Padman

Abstract

Resource‐constrained project scheduling problems with cash flows (RCPSPCF) are complex, combinatorial optimization problems. Many heuristics have been reported in the literature that produce reasonable schedules in limited project environments. However, the lack of a heuristic that dominates under differing project conditions can lead to a suboptimal choice of an appropriate heuristic for scheduling any given project. This may result in poor schedules and monetary losses. This paper reports on the application of the tabu search metaheuristic procedure for the RCPSPCF. Strategies for neighborhood generation and candidate selection that exploit the special features of the problem are combined with a simple multiheuristic start procedure. Extensive experimentation, with multiple data sets and comparison with an upper bound, indicates a significant improvement, both in project Net Present Value (NPV) as well as the number of projects, where the metaheuristic outperforms the best known heuristics in the literature. More specifically, this procedure produces the best schedules in over 85% of the projects tested, in contrast to the best single‐pass heuristics which have been shown to dominate in at most 20% of the same cases. This iterative, general purpose heuristic is able to adapt significantly better to the complex interactions of the many critical parameters of the RCPSPCF than single‐pass heuristics that use more specific information about each project environment. © 1999 John Wiley & Sons, Inc. Naval Research Logistics 46: 912–927, 1999

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  • Dan Zhu & Rema Padman, 1999. "A metaheuristic scheduling procedure for resource‐constrained projects with cash flows," Naval Research Logistics (NRL), John Wiley & Sons, vol. 46(8), pages 912-927, December.
    • Handle: RePEc:wly:navres:v:46:y:1999:i:8:p:912-927
    DOI: 10.1002/(SICI)1520-6750(199912)46:83.0.CO;2-C
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    References listed on IDEAS

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    1. Robert A. Russell, 1986. "A Comparison of Heuristics for Scheduling Projects with Cash Flows and Resource Restrictions," Management Science, INFORMS, vol. 32(10), pages 1291-1300, October.
    2. Rema Padman & Dwight E. Smith‐Daniels & Vicki L. Smith‐Daniels, 1997. "Heuristic scheduling of resource‐constrained projects with cash flows," Naval Research Logistics (NRL), John Wiley & Sons, vol. 44(4), pages 365-381, June.
    3. Edward W. Davis & James H. Patterson, 1975. "A Comparison of Heuristic and Optimum Solutions in Resource-Constrained Project Scheduling," Management Science, INFORMS, vol. 21(8), pages 944-955, April.
    4. Fred Glover, 1990. "Tabu Search—Part II," INFORMS Journal on Computing, INFORMS, vol. 2(1), pages 4-32, February.
    5. James H. Patterson, 1984. "A Comparison of Exact Approaches for Solving the Multiple Constrained Resource, Project Scheduling Problem," Management Science, INFORMS, vol. 30(7), pages 854-867, July.
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    1. Vanhoucke, M., 2006. "A scatter search procedure for maximizing the net present value of a project under renewable resource constraints," Vlerick Leuven Gent Management School Working Paper Series 2006-40, Vlerick Leuven Gent Management School.
    2. Thomas Selle & Jürgen Zimmermann, 2003. "A bidirectional heuristic for maximizing the net present value of large‐scale projects subject to limited resources," Naval Research Logistics (NRL), John Wiley & Sons, vol. 50(2), pages 130-148, March.

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