Untitled

Ulusoy, Gündüz; Sivrikaya-Şerifoğlu, Funda; Şahın, Şule

doi:10.1023/a:1010914417817

Cited by 63 publications

(6 citation statements)

References 35 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…According to Szmerekovsky [6] both parties (client and contractor) are willing to maximize their profit instead of looking for a plan that satisfies them both. PPS problems are analyzed, where the solution from the perspective of client [7], the contractor [4,8,9] or both is sought [10][11][12][13].…”

Section: Introductionmentioning

confidence: 99%

“…Contractor expenditures (cash outflows) are generally known or may be estimated by them prior to the project, while client payments are determined by negotiation. Different approaches are considered in which total costs for executing activities may be incurred at their beginning [6,9] or completion [14], or may be proportionally allocated to the beginning and end of their execution [15,16], or distributed depending on their progress [11]. Fixed costs related to the activities are most often incurred at the start time and other costs, such as resource consumption, may arise during their execution.…”

Section: Introductionmentioning

confidence: 99%

“…An improperly designed project settlement plan between the contractor and the client can cause financial problems for the contractor. Payments can be made in many ways [6,9,14,17]. One-off lump-sum payments after completion of a lump sum payment (LSP) project are one of the forms of settlement between client and contractor, most preferred by the client.…”

Section: Introductionmentioning

confidence: 99%

“…In general, payments can be made according to a fixed schedule, such as once a month (Equal Time Intervals-ETI model, Progress Payments-PP model) or associated with specific events (Payments at Event Occurrences-PEO model), i.e., completion of activity (Payments at Activities' Completion times-PAC model) etc. [9,17,18].…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

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

Klimek

2021

Applied Sciences

View full text Add to dashboard Cite

This article presents the resource-constrained project scheduling problem with the discounted cash flow maximization criterion from the perspective of a contractor. Cash flows are considered as the contractor’s expenses related to the execution of activities and client’s payments (revenue to the contractor) after the completion of contractual stages. To solve the problem, dedicated techniques to generate solutions and a simulated annealing algorithm are proposed. Finally, the proposed procedures are examined using the test library, Project Scheduling Library (PSPLIB). An experimental analysis identified the efficient moves and techniques for creating solutions, that is backward scheduling with optimization of completion times of project stages and triple justification.

show abstract

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

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

Klimek

2021

Applied Sciences

View full text Add to dashboard Cite

show abstract

“…Research for the PPS problem include the determination of, among others, the number of tranches, the due dates and the amounts in particular payment tranches etc. A payment schedule, optimized from the point of view of the contractor (Klimek & Łebkowski, 2015(Klimek & Łebkowski, , 2017Mika, Waligóra & Węglarz, 2005;Ulusoy, Sivrikaya-Serifoglu & Sahin 2001), less frequently from the perspective of the client (Dayanand & Padman, 2001), is searched for in PPS problems. There are also attempts to find a compromise in the form of a payment implementation plan satisfactory both for the client and for the contractor (Bahrami & Moslehi, 2013;Ulusoy & Cebelli, 2000).…”

Section: Introductionmentioning

confidence: 99%

Techniques of Generating Schedules for the Problem of Financial Optimization of Multi-Stage Project

Klimek¹

2019

acs

View full text Add to dashboard Cite

The article presents the problem of scheduling a resource-constrained project with discounted cash flow maximization from the perspective of a contractor. The contractor's expenses (cash outflows for the contractor) are associated with the execution of activities. The client's payments (cash inflows for the contractor) are performed after fulfilling the agreed project stages. The following techniques are suggested for solving the problem: the activity right-shift procedure, the backward scheduling with the optimization of completion dates for the agreed project stages and the modified triple justification technique. The effect of these techniques of generating schedules is illustrated for an exemplary project. Finally, an experimental analysis of the proposed procedures is presented.

show abstract

Client‐contractor bargaining on net present value in project scheduling with limited resources

Kavlak

Ulusoy

Şerifoğlu

et al. 2009

Naval Research Logistics

Self Cite

View full text Add to dashboard Cite

Abstract:The client-contractor bargaining problem addressed here is in the context of a multi-mode resource constrained project scheduling problem with discounted cash flows, which is formulated as a progress payments model. In this model, the contractor receives payments from the client at predetermined regular time intervals. The last payment is paid at the first predetermined payment point right after project completion. The second payment model considered in this paper is the one with payments at activity completions. The project is represented on an Activity-on-Node (AON) project network. Activity durations are assumed to be deterministic. The project duration is bounded from above by a deadline imposed by the client, which constitutes a hard constraint. The bargaining objective is to maximize the bargaining objective function comprised of the objectives of both the client and the contractor. The bargaining objective function is expected to reflect the two-party nature of the problem environment and seeks a compromise between the client and the contractor. The bargaining power concept is introduced into the problem by the bargaining power weights used in the bargaining objective function. Simulated annealing algorithm and genetic algorithm approaches are proposed as solution procedures. The proposed solution methods are tested with respect to solution quality and solution times. Sensitivity analyses are conducted among different parameters used in the model, namely the profit margin, the discount rate, and the bargaining power weights.

show abstract

Untitled

Cited by 63 publications

References 35 publications

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

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

Techniques of Generating Schedules for the Problem of Financial Optimization of Multi-Stage Project

Client‐contractor bargaining on net present value in project scheduling with limited resources

Contact Info

Product

Resources

About