The impact of solution representations on heuristic net present value optimization in discrete time/cost trade-off project scheduling with multiple cash flow and payment models

Leyman, Pieter; Driessche, Niels Van; Vanhoucke, Mario; Causmaecker, Patrick De

doi:10.1016/j.cor.2018.11.011

Cited by 25 publications

(9 citation statements)

References 29 publications

(48 reference statements)

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“…They must be discounted to their present value. Appropriate formula for the net present value is as follows [ 24 ]:

where, NPV = net present value; C I = cash inflows; C 0 = cash outflows; i = discount rate in decimals; t = time period.…”

Section: Evaluation Methodsmentioning

confidence: 99%

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Technical and Economic Evaluation of WWTP Renovation Based on Applying Ultrafiltration Membrane

Bai

Lin

et al. 2020

Membranes

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Nowadays, the standards of discharging are gradually becoming stricter, since much attention has been paid to the protection of natural water resources around the world. Therefore, it is urgent to upgrade the existing wastewater treatment plant (WWTP), to improve the effluent quality, and reduce the discharged pollutants to the natural environment. In this paper, taking the “Liaocheng UESH (UE Envirotech) WWTP in Shandong province of China” as an example, the existing problems and the detailed measures for a renovation were systemically discussed by technical and economic evaluation, before and after the renovation. During the renovation, the ultrafiltration membrane was added as the final stage of the designed process route, while upgrading the operation conditions of biochemical process at the same time. After the renovation, the removal rates of chemical oxygen demand (CODcr), biochemical oxygen demand (BOD5), total phosphorus (TP) and other major pollutants were improved greatly, and the results fully achieved the standards of surface water class IV. The ultrafiltration system performs a stable permeability around 1.5 LMH/kPa. Besides, the economic performance of the renovation was evaluated via the net present value (NPV) method. The result reveals that the NPV of the renovation of the WWTP within the 20 year life cycle is CNY 72.51 million and the overall investment cost can be recovered within the fourth year after the reoperation of the plant. This research does not only indicate that it is feasible to take an ultrafiltration membrane as the main technology, both from technical and economic perspectives, while upgrading the biochemical process section in the meantime, but also provides a new strategy for the renovation of existing WWTPs to achieve more stringent emission standards.

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“…They must be discounted to their present value. Appropriate formula for the net present value is as follows [ 24 ]:

where, NPV = net present value; C I = cash inflows; C 0 = cash outflows; i = discount rate in decimals; t = time period.…”

Section: Evaluation Methodsmentioning

confidence: 99%

“…They must be discounted to their present value. Appropriate formula for the net present value is as follows [24]:…”

Section: Economical Analysismentioning

confidence: 99%

Technical and Economic Evaluation of WWTP Renovation Based on Applying Ultrafiltration Membrane

Bai

Lin

et al. 2020

Membranes

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“…The Nondominated Sorting Genetic Algorithm (NSGA), Particle Swarm Optimization (PSO), and hybrid algorithms are just a few of the metaheuristic algorithms that have been presented for DTCTP over the past ten years. Some studies related DTCTP are presented in Table 1 [9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28].…”

Section: Literature Reviewmentioning

confidence: 99%

“…In project planning literature, the activity list which holds all activity numbers in a sequentially order is a typical representation for metaheuristic optimization [19].…”

Section: Case Studiesmentioning

confidence: 99%

Optimizing of Discrete Time-cost Trade-off Problem in Construction Projects Using Advanced Jaya Algorithm

Albayrak

2023

Period. Polytech. Civil Eng.

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This paper proposes a novel algorithm to optimize the discrete time-cost trade-off problem (DTCTP) in construction projects. As DTCTP is assumed NP-hard, the new metaheuristic models are investigated to contribute for decision-making of project managers. DTCTP can be modelled as multi-mode to represent real-life problems more practical. According to the model, the project activities have at least two or more durations and cost alternative modes. For solving this problem effectively, a novel optimization metaheuristic method named Advanced Jaya Algorithm (A-JA) is proposed, which is generated from Jaya Algorithm (JA). The benchmark function tests are applied to verify the model with other well-known metaheuristic methods. The key weakness of the base algorithm JA is that, it has unstable solution accuracy and low likelihood of escaping local optimums. According to the results, A-JA considerably improves these areas. Two case studies of DTCTP are carried out after verification to demonstrate the effectiveness and efficiency of the proposed algorithm in comparison with JA and three well-known methods. The results of A-JA are found to be more powerful than the base algorithm JA and the benchmark algorithms. The proposed method achieves the Pareto fronts to help decision makers to make trade-off between the objectives and choose the optimum solution considering on their preference.

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“…Sonmez and Bettemir [13] developed a hybrid genetic algorithm for the DTCTP-D and tested it on problem instances with up to 630 activities, while Li et al [41] proposed a biobjective hybrid genetic algorithm for the DTCTP-C and tested it on problem instances with up to 500 activities with fixed 8 modes or [9,27] modes. Recently, Leyman et al [42] employed an iterated local search metaheuristic for the DTCTP with multiple cash flow and payment models and tested it on problem instances with up to 100 activities with fixed 6 modes.…”

Section: Dtctpmentioning

confidence: 99%

Preprocessing the Discrete Time-Cost Tradeoff Problem with Generalized Precedence Relations

Wei

Zhang

2020

Mathematical Problems in Engineering

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This study investigates the deadline of the discrete time-cost tradeoff problem (DTCTP-D) with generalized precedence relations (GPRs). This problem requires modes to be assigned to the activities of a project such that the total cost is minimized and the total completion time and the precedence constraints are satisfied. Anomalies under GPRs are irreconcilable with many current theories and methods. We propose a preprocessing technology, an equivalent simplification approach, which is an effective method for solving large-scale complex problems. We first study a way to deal with the anomalies under GPRs, such as the reduce (increase) in project completion as a consequence of prolonging (shortening) an activity, and discover relationships between time floats and path lengths. Then, based on the theories, we transform the simplification into a time float problem and design a polynomial algorithm. We perform the simplification and improve the efficiency of the solution by deleting redundant calculation objects.

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The impact of solution representations on heuristic net present value optimization in discrete time/cost trade-off project scheduling with multiple cash flow and payment models

Cited by 25 publications

References 29 publications

Technical and Economic Evaluation of WWTP Renovation Based on Applying Ultrafiltration Membrane

Technical and Economic Evaluation of WWTP Renovation Based on Applying Ultrafiltration Membrane

Optimizing of Discrete Time-cost Trade-off Problem in Construction Projects Using Advanced Jaya Algorithm

Preprocessing the Discrete Time-Cost Tradeoff Problem with Generalized Precedence Relations

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