TECHNIQUES OF GENERATING SCHEDULES FOR THE PROBLEM OF FINANCIAL OPTIMIZATION OF MULTI-STAGE PROJECT
Marcin KLIMEK
m.klimek@dydaktyka.pswbp.plState School of Higher Education, Department of Computer Science, Sidorska 95–97, 21-500 Biala Podlaska (Poland)
Abstract
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.
Keywords:
resource-constrained project scheduling problem, discounted cash flows, payment project scheduling, multi-stage project, milestonesReferences
Artigues, C., Michelon, P., & Reusser, S. (2003). Insertion techniques for static and dynamic resourceconstrained project. European Journal of Operational Research, 149(2), 249–267. https://doi.org/10.1016/S0377-2217(02)00758-0
DOI: https://doi.org/10.1016/S0377-2217(02)00758-0
Google Scholar
Bahrami, F., & Moslehi, G. (2013). Study of payment scheduling problem to achieve clientcontractor agreement International. Journal of Advanced Manufacturing Technology, 64(1), 497–511. https://doi.org/10.1007/s00170-012-4023-5
DOI: https://doi.org/10.1007/s00170-012-4023-5
Google Scholar
Dayanand, N., & Padman, R. (1997). On modelling payments in projects. Journal of the Operational Research Society, 48(9), 906-918. https://doi.org/10.1057/palgrave.jors.2600440
DOI: https://doi.org/10.1057/palgrave.jors.2600440
Google Scholar
Dayanand, N., & Padman, R. (2001). Project contracts and payment schedules: The client’s problem. Management Science, 47(12), 1654-1667. https://doi.org/10.1287/mnsc.47.12.1654.10242
DOI: https://doi.org/10.1287/mnsc.47.12.1654.10242
Google Scholar
Deblaere, F., Demeulemeester, E., Herroelen, W., & Van De Vonder, S. (2006). Proactive resource allocation heuristics for robust project scheduling. Research report KBI_0608, K.U. Leuven. https://doi.org/10.2139/ssrn.870228
DOI: https://doi.org/10.2139/ssrn.870228
Google Scholar
Hartmann, S., & Briskorn, D. (2012). A Survey of Variants and Extensions of the ResourceConstrained Project Scheduling Problem. European Journal of Operational Research, 207(1), 1–14. https://doi.org/10.1016/j.ejor.2009.11.005
DOI: https://doi.org/10.1016/j.ejor.2009.11.005
Google Scholar
He, Z., Liu, R., & Jia, T. (2012). Metaheuristics for multi-mode capital-constrained project payment scheduling. European Journal of Operational Research, 223(3), 605–613. https://doi.org/10.1016/j.ejor.2012.07.014
DOI: https://doi.org/10.1016/j.ejor.2012.07.014
Google Scholar
He, Z., Wang, N., Jia, T., & Xu, Y. (2009). Simulated annealing and tabu search for multimode project payment scheduling. European Journal of Operational Research, 198(3), 688–696. https://doi.org/10.1016/j.ejor.2008.10.005
DOI: https://doi.org/10.1016/j.ejor.2008.10.005
Google Scholar
He, Z., & Xu, Y. (2008). Multi-mode project payment scheduling problems with bonus penalty structure. European Journal of Operational Research, 189(3), 1191–1207. https://doi.org/10.1016/j.ejor.2006.07.053
DOI: https://doi.org/10.1016/j.ejor.2006.07.053
Google Scholar
Herroelen, W., Reyck, B. D., & Demeulemeester, E. (1997). Project network models with discounted cash flows: A guided tour through recent developments. European Journal of Operational Research, 100(1), 97–121. https://doi.org/10.1016/S0377-2217(96)00112-9
DOI: https://doi.org/10.1016/S0377-2217(96)00112-9
Google Scholar
Klimek, M. (2017). Priority algorithms for the problem of financial optimisation of a multi stage project. Applied Computer Science, 13(4), 20–34. https://doi.org/10.23743/acs-2017-26
Google Scholar
Klimek, M., & Łebkowski, P. (2011). Resource allocation for robust project scheduling. Bulletin of the Polish Academy of Sciences: Technical Sciences, 59(1), 51–55. https://doi.org/10.2478/v10175-011-0008-z
DOI: https://doi.org/10.2478/v10175-011-0008-z
Google Scholar
Klimek, M., & Łebkowski, P. (2013). Robustness of schedules for project scheduling problem with cash flow optimization. Bulletin of the Polish Academy of Sciences: Technical Sciences, 61(4), 1005–1015. https://doi.org/10.2478/bpasts-2013-0108
DOI: https://doi.org/10.2478/bpasts-2013-0108
Google Scholar
Klimek, M., & Łebkowski, P. (2015). Heuristics for project scheduling with discounted cash flows optimization. Bulletin of the Polish Academy of Sciences: Technical Sciences, 63(3), 613–622. https://doi.org/10.1515/bpasts-2015-0072
DOI: https://doi.org/10.1515/bpasts-2015-0072
Google Scholar
Klimek, M., & Łebkowski, P. (2017). Financial optimisation of the scheduling for the multi-stage project. Bulletin of the Polish Academy of Sciences: Technical Sciences, 65(6), 899–908. https://doi.org/10.1515/bpasts-2017-0097
DOI: https://doi.org/10.1515/bpasts-2017-0097
Google Scholar
Kolisch, R. (1996). Serial and parallel resource-constrained project scheduling methods revisited: Theory and computation. European Journal of Operational Research, 90(2), 320–333. https://doi.org/10.1016/0377-2217(95)00357-6
DOI: https://doi.org/10.1016/0377-2217(95)00357-6
Google Scholar
Kolisch, R., & Sprecher, A. (1997). PSPLIB - a project scheduling library. European Journal of Operational Research, 96(1), 205–216. https://doi.org/10.1016/S0377-2217(96)00170-1
DOI: https://doi.org/10.1016/S0377-2217(96)00170-1
Google Scholar
Leus, R., & Herroelen, W. (2004). Stability and resource allocation in project planning. IIE Transaction, 36(7), 667–682. https://doi.org/10.1080/07408170490447348
DOI: https://doi.org/10.1080/07408170490447348
Google Scholar
Leyman, P., & Vanhoucke, M. (2016). Payment models and net present value optimization for resource-constrained project scheduling. Computers & Industrial Engineering, 91, 139–153. https://doi.org/10.1016/j.cie.2015.11.008
DOI: https://doi.org/10.1016/j.cie.2015.11.008
Google Scholar
Leyman, P., & Vanhoucke, M. (2017). Capital- and resource-constrained project scheduling with net present value optimization. European Journal of Operational Research, 256(3), 757–776. https://doi.org/10.1016/j.ejor.2016.07.019
DOI: https://doi.org/10.1016/j.ejor.2016.07.019
Google Scholar
Mika, M., Waligóra, G., & Węglarz, J. (2005). Simulated annealing and tabu search for multimode resource-constrained project scheduling with positive discounted cash flows and different payment models. European Journal of Operational Research, 164(3), 639–668. https://doi.org/10.1016/j.ejor.2003.10.053
DOI: https://doi.org/10.1016/j.ejor.2003.10.053
Google Scholar
Russell, A. H. (1970). Cash flows in networks. Management Science, 16(5), 357–373. https://doi.org/10.1287/mnsc.16.5.357
DOI: https://doi.org/10.1287/mnsc.16.5.357
Google Scholar
Selle, T., & Zimmermann, J. (2003). A bidirectional heuristic for maximizing the net present value of large-scale projects subject to limited resources. Naval Research Logistics, 50(2), 130-148. https://doi.org/10.1002/nav.10052
DOI: https://doi.org/10.1002/nav.10052
Google Scholar
Smith-Daniels, D. E., Padman, R., & Smith-Daniels, V. L. (1996). Heuristic scheduling of capital constrained projects. Journal of Operations Management, 14(3), 241–254. https://doi.org/10.1016/0272-6963(96)00004-6
DOI: https://doi.org/10.1016/0272-6963(96)00004-6
Google Scholar
Ulusoy, G., & Cebelli, S. (2000). An equitable approach to the payment scheduling problem in project management. European Journal of Operational Research, 127(2), 262–278. https://doi.org/10.1016/S0377-2217(99)00499-3
DOI: https://doi.org/10.1016/S0377-2217(99)00499-3
Google Scholar
Ulusoy, G., Sivrikaya-Serifoglu F., & Sahin, S. (2001). Four Payment Models for the Multi-Mode Resource Constrained Project Scheduling Problem with Discounted Cash Flows. Annals of Operations Research, 102, 237-261. https://doi.org/10.1023/A:1010914417817
DOI: https://doi.org/10.1023/A:1010914417817
Google Scholar
Valls, V., Ballestin, F., & Quintanilla, S. (2005). Justification and RCPSP: a technique that pays. European Journal of Operational Research, 165(2), 375–386. https://doi.org/10.1016/j.ejor.2004.04.008
DOI: https://doi.org/10.1016/j.ejor.2004.04.008
Google Scholar
Vanhoucke, M., Demeulemeester, E., & Herroelen, W. (2003). Progress payments in project scheduling problems. European Journal of Operational Research, 148(3), 604–620. https://doi.org/10.1016/S0377-2217(02)00452-6
DOI: https://doi.org/10.1016/S0377-2217(02)00452-6
Google Scholar
Vanhoucke, M., Demeulemeester, E., & Herroelen, W. (2001). Maximizing the net present value of a project with linear time-dependent cash flows. International Journal of Production Research, 39(14), 3159-3181. https://doi.org/10.1080/00207540110056919
DOI: https://doi.org/10.1080/00207540110056919
Google Scholar
Authors
Marcin KLIMEKm.klimek@dydaktyka.pswbp.pl
State School of Higher Education, Department of Computer Science, Sidorska 95–97, 21-500 Biala Podlaska Poland
Statistics
Abstract views: 178PDF downloads: 34
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
All articles published in Applied Computer Science are open-access and distributed under the terms of the Creative Commons Attribution 4.0 International License.
Most read articles by the same author(s)
- Marcin KLIMEK, PRIORITY ALGORITHMS FOR THE PROBLEM OF FINANCIAL OPTIMISATION OF A MULTI STAGE PROJECT , Applied Computer Science: Vol. 13 No. 4 (2017)
Similar Articles
- Marcin KLIMEK, PRIORITY ALGORITHMS FOR THE PROBLEM OF FINANCIAL OPTIMISATION OF A MULTI STAGE PROJECT , Applied Computer Science: Vol. 13 No. 4 (2017)
- Tomasz NOWICKI, Adam GREGOSIEWICZ, Zbigniew ŁAGODOWSKI, PRODUCTIVITY OF A LOW-BUDGET COMPUTER CLUSTER APPLIED TO OVERCOME THE N-BODY PROBLEM , Applied Computer Science: Vol. 17 No. 4 (2021)
- Krzysztof NIEMIEC, Grzegorz BOCEWICZ, AN AUTHENTICATION METHOD BASED ON A DIOPHANTINE MODEL OF THE COIN BAG PROBLEM , Applied Computer Science: Vol. 20 No. 2 (2024)
- Mariano LARIOS, Perfecto M. QUINTERO-FLORES , Mario ANZURES-GARCÍA , Miguel CAMACHO-HERNANDEZ , APPLICATION OF THE REAL-TIME FAN SCHEDULING IN THE EXPLORATION-EXPLOITATION TO OPTIMIZE MINIMUM FUNCTIONS OBJECTIVES , Applied Computer Science: Vol. 19 No. 2 (2023)
- Wojciech DANILCZUK, THE USE OF SIMULATION ENVIRONMENT FOR SOLVING THE ASSEMBLY LINE BALANCING PROBLEM , Applied Computer Science: Vol. 14 No. 1 (2018)
- Tomasz Sikora, Wanda Gryglewicz-Kacerka, APPLICATION OF GENETIC ALGORITHMS TO THE TRAVELING SALESMAN PROBLEM , Applied Computer Science: Vol. 19 No. 2 (2023)
- Dilek AYDOGAN-KILIC, Deniz Kenan KILIC, Izabela Ewa NIELSEN, EXAMINATION OF SUMMARIZED MEDICAL RECORDS FOR ICD CODE CLASSIFICATION VIA BERT , Applied Computer Science: Vol. 20 No. 2 (2024)
- Wafaa Mustafa HAMEED, Asan Baker KANBAR, USING GA FOR EVOLVING WEIGHTS IN NEURAL NETWORKS , Applied Computer Science: Vol. 15 No. 3 (2019)
- Nataliya SHABLIY, Serhii LUPENKO, Nadiia LUTSYK, Oleh YASNIY, Olha MALYSHEVSKA, KEYSTROKE DYNAMICS ANALYSIS USING MACHINE LEARNING METHODS , Applied Computer Science: Vol. 17 No. 4 (2021)
- Krzysztof OSTROWSKI, AN EFFECTIVE METAHEURISTIC FOR TOURIST TRIP PLANNING IN PUBLIC TRANSPORT NETWORKS , Applied Computer Science: Vol. 14 No. 2 (2018)
You may also start an advanced similarity search for this article.
