Robust resource-constrained max-NPV project scheduling with stochastic activity duration

Liang, Yangyang; Cui, Nanfang; Tian, Weisheng; Demeulemeester, Erik

doi:10.1007/s00291-018-0533-3

Cited by 28 publications

(20 citation statements)

References 43 publications

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“…Inequality constraint (4) presents the project's deadline constraint. The finish time of the activities will be a nonnegative integer value presented in constraint (5), which is the decision variable. When a project fails to meet the due date, the following penalty function is imposed to the project's NPV [10].…”

Section: Problem Descriptionmentioning

confidence: 99%

“…Nonetheless, by focusing solely on makespan, the classical RCPSP does not address a project's economy as it neglects cash flows of the project. Many larger scale capital intensive projects such as construction engineering, power plants or infrastructure projects run over a long time horizon which involve huge cash flows [5], [6]. Therefore, owing to the time value of money (TVoM), a small variation in cash flow timing may have a substantial impact on the overall project's profitability [7].…”

Section: Introductionmentioning

confidence: 99%

“…The RCPSPDC is an NP-hard problem [10]- [12], which means that exact methods are limited to solve small-sized problems within reasonable computational efforts [13]. To overcome this challenge, numerous heuristic and metaheuristic algorithms are proposed for solving the RCPSPDC; example includes, Lagrangian relaxation (LR) procedure [11], [12], simulated annealing (SA) [5], [14], [15], tabu search (TS) [5], [14]- [16], scatter search (SS) [17], memetic algorithm (MA) [18], ant colony optimization (ACO) [19], [20] and genetic algorithms (GA) [10]. However, based on the problem's NP-hard characteristics and the no free lunch theorem, for both a relatively good solution and reasonable computing time, no single heuristic or meta-heuristic algorithm is suitable for solving the RCPSPDC [21].…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

An Immune Genetic Algorithm for Solving NPV-Based Resource Constrained Project Scheduling Problem

et al. 2021

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The net present value (NPV)-based resource constrained project scheduling problem (RCPSP) is a well-known scheduling problem in many industries, such as construction, software development, and manufacturing. Over the last five decades, although different approaches have been proposed to solve the problem, no single approach has been shown to achieve satisfactory performances with quality solutions for a wide range of problems. This study presents a hybrid immune genetic algorithm (IGA) to solve NPV-based RCPSPs. Hybridizing a genetic algorithm (GA) with an immune algorithm (IA) enhances the overall performance of their standalone components (i.e., only GA or IA). Performance of the proposed IGA is further improved by applying a variable insertion based local search (VINS) and forward-backward improvement (FBI). A restart mechanism is presented to the algorithm which induces diversity and helps to avoid becoming trapped in local optima. Moreover, an activity move rule (AMR) is implemented to shift the negative cash flow associated activities to further improve the NPV. Taguchi Design of Experiment (DOE) is conducted to investigate the impact of various parameters and to determine the appropriate set of parameters for the proposed IGA. The performances of the proposed algorithms are tested on 17,280 standard benchmark instances ranging from 25 to 100 activities. Comparison with the state-of-art algorithms through extensive numerical experiments reveal the effectiveness of the proposed algorithms. Overall, the proposed algorithm outperforms existing algorithms, particularly the projects with 0% and 100% negative cash flow associated activities, the 75-activity instances, and the projects with two resources usage in terms of a lower value of average percentage deviation.

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Section: Problem Descriptionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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An Immune Genetic Algorithm for Solving NPV-Based Resource Constrained Project Scheduling Problem

et al. 2021

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“…erefore, they used a composite robust scheduling model together with simulated annealing and tabu search to achieve the satisfactory solutions. eir approach provided them with reducing the chance of payment plan disruptions besides contributing to the notable performance of project scheduling [20]. Delgoshaeia et al proposed a dynamic backward approach to enhance the remaining resource usage while carrying out the project.…”

Section: Introductionmentioning

confidence: 99%

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

Ghasedi

Afshar-Nadjafi

2021

Journal of Engineering

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In this paper, the multimode payment scheduling project is studied, which aims to maximize the net present value (NPV) of a project by deciding on payments and the start times of its activities. The problem is formulated mathematically from the point of view of the selected contractor of the project. In the proposed model, a bonus and penalty structure is considered, in which the project’s activities can be performed through different execution modes. Another interesting feature of the developed model is the possibility of switching between the execution’s modes during the implementation of each activity, which can increase the NPV. Because of the proposed model’s computational complexity, two metaheuristic algorithms are developed to tackle the underlying problem. In order to evaluate the performance of the developed algorithms, a set of 108 test instances are solved, and the computational results confirm the applicability of the solving methodologies.

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“…Studies on the quality robustness criterion are fewer than that on solution robustness criterion and concentrate on the robustness measure of air transport schedules. Liang [14] presented the net present value as a quality criterion to investigate the robust resource-constrained project problem with stochastic activity durations. Novianingsih [15] built a simulation model of the flight and the quotient of the number of iterations to find an optimal crew pairing, and the total number of iterations was taken as its criterion measuring quality robustness.…”

Section: Introductionmentioning

confidence: 99%

A Construction Schedule Robustness Measure Based on Improved Prospect Theory and the Copula-CRITIC Method

Zhao

Wang

et al. 2020

Applied Sciences

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A robustness measure is an effective tool to evaluate the anti-interference capacity of the construction schedule. However, most research focuses on solution robustness or quality robustness, and few consider a composite robustness criterion, neglecting the bounded rationality of subjective weights and inherent importance and nonlinear intercriteria correlations of objective weights. Therefore, a construction schedule robustness measure based on improved prospect theory and the Copula-criteria importance through intercriteria correlation (CRITIC) method is proposed. Firstly, a composite robustness criterion is established, including start time deviation rs and structural deviation rp for measuring solution robustness from project execution and completion probability rc for measuring quality robustness from the project result. Secondly, bounded rationality is considered, using prospect theory to calculate subjective weights, which is improved by the interval distance formula. Thirdly, the Copula-CRITIC method is proposed to determine objective weights incorporating both inherent importance and nonlinear intercriteria correlations. Finally, an information-entropy-based evidence reasoning method is applied to combine subjective and objective weights together while identifying their validity. An underground power station in China is used for a case study, whose robustness is measured using the proposed methods, single robustness criterion, and composite robustness criterion using traditional weighting methods. The comparison results verify the consistency, representativeness, and advantage of the proposed criterion and methods.

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Robust resource-constrained max-NPV project scheduling with stochastic activity duration

Cited by 28 publications

References 43 publications

An Immune Genetic Algorithm for Solving NPV-Based Resource Constrained Project Scheduling Problem

An Immune Genetic Algorithm for Solving NPV-Based Resource Constrained Project Scheduling Problem

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

A Construction Schedule Robustness Measure Based on Improved Prospect Theory and the Copula-CRITIC Method

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