Capital- and resource-constrained project scheduling with net present value optimization

Abstract

In this paper, we study the capital-constrained project scheduling problem with discounted cash flows (CCPSPDC) and the capital-and resource-constrained project scheduling problem with discounted cash flows (CRCPSPDC). The objective of both problems is to maximize the project net present value (NPV), based on three cash flow models. Both problems include capital constraints, which force the project to always have a positive cash balance. Hence, it is crucial to schedule activities in such an order that sufficient capital is available.The contribution of this paper is threefold. First, we propose three distinct cash flow models, which affect the capital availability during the project. Second, we introduce two new schedulers to improve capital feasibility, one for the CCPSPDC and one for the CRCPSPDC. The schedulers focus on delaying sets of activities, which cause cash outflows to be received at later time instances, in order to reduce capital shortages. Both schedulers are implemented as part of three metaheuristics from literature, in order to compare the metaheuristics' performance. Two penalty functions have been included, one to improve capital feasibility and another to improve deadline feasibility. Third, the proposed procedure has been tested on a large dataset and the added value of the schedulers has been validated. Managerial insights are provided with respect to the impact of key parameters.

Analisis Kelayakan Usaha Perikanan Bagan Tancap di Perairan Karawang

“…π = TR -TC ………. (1) Keterangan: π = Keuntungan TR = total revenue (penerimaan total) TC = total cost (biaya total) Dengan krtiteria usaha: TR > TC : Usaha menguntungkan TR < TC : Usaha mengalami kerugian TR = TC : Usaha pada titik keseimbangan (titik impas) Analisis imbangan penerimaan dan biaya (revenue cost ratio) (Hsu et al, 2014;Kräkel & Schöttner, 2016;Resiani & Sunanjaya, 2020;Wijayanto et al, 2019;Xie et al, 2018;Yanti et al, 2018) Untuk menilai manfaat inventasi, dapat diketahu dengan menghitung nilai NPV (Creemers, 2018;Leyman & Vanhoucke, 2017;Syahputra et al, 2016;Wicaksono et al, 2019) sesuai Pers. (5).…”

Financial Optimization of the Resource-Constrained Project Scheduling Problem with Milestones Payments

“…For the RCPSP also the capital constrained project scheduling (CCPSP) models are analyzed [22,23], where capital is one of the limited, non-renewable resources that is considered in the scheduling. At any time during the project, cash inflows and outflows must balance.…”

Payment Scheduling Problem with Multiple Modes for Activities to Maximize the Net Present Value of a Project

“…Leyman and Vanhoucke investigated two problems with the constraints on capital, which result in positive cash balance for the intended project. is study aimed to maximize the NPV by assigning a negative or positive cash flow to the activities [13]. Nasrabadi and Mirzazadeh developed a model using Markovian inflationary conditions to minimize the expected present value of execution costs.…”