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Progress payments in project scheduling problems

Vanhoucke, M; Demeulemeester, E; Herroelen, W; (2003) Progress payments in project scheduling problems. European Journal of Operational Research , 148 (3) pp. 604-620. 10.1016/S0377-2217(02)00452-6.

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Abstract

In this paper we study the unconstrained project scheduling problem with discounted cash flows where the net cash flows are assumed to be dependent on the completion times of the corresponding activities. Cash outflows occur when an activity is completed whereas cash inflows are incurred as progress payments at the end of some time period. The objective is to schedule the activities in order to maximize the net present value of the project subject to the precedence constraints and a fixed deadline. This paper extends the ever-growing amount of research concerning the financial aspects in project scheduling in which cash flows are time-dependent. We introduce a branch-and-bound algorithm which computes upper bounds by making piecewise linear overesti- mations. In doing so, the algorithm transforms the problem into a weighted earliness–tardiness project scheduling problem. The algorithm is extended with two new rules in order to reduce the size of the branch-and-bound tree. Computational results are reported.

Type: Article
Title: Progress payments in project scheduling problems
DOI: 10.1016/S0377-2217(02)00452-6
Additional information: file: :Users/mariovanhoucke/Documenten van Mario/Research Folder/Publications (2011)/International peer-reviewed publications/Vanhoucke et al., EJOR, 2003.pdf:pdf keywords: A1,branch-and-bound,cash flows,earliness/tardiness,net present value,project management,resource constrained project scheduling mendeley-tags: A1
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management
URI: http://discovery.ucl.ac.uk/id/eprint/1314588
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