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Project selection, scheduling and resource allocation with time dependent returns

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  • Chen, Jiaqiong
  • Askin, Ronald G.
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    Abstract

    In this paper we formulate and analyze the joint problem of project selection and task scheduling. We study the situation where a manager has many alternative projects to pursue such as developing new product platforms or technologies, incremental product upgrades, or continuing education of human resources. Project return is assumed to be a known function of project completion time. Resources are limited and renewable. The objective is to maximize present worth of profit. A general mathematical formulation that can address several versions of the problem is presented. An implicit enumeration procedure is then developed and tested to provide good solutions based on project ordering and a prioritization rule for resource allocation. The algorithm uses an imbedded module for solving the resource-constrained project scheduling problem at each stage. The importance of integrating the impact of resource constraints into the selection of projects is demonstrated.

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    Bibliographic Info

    Article provided by Elsevier in its journal European Journal of Operational Research.

    Volume (Year): 193 (2009)
    Issue (Month): 1 (February)
    Pages: 23-34

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    Handle: RePEc:eee:ejores:v:193:y:2009:i:1:p:23-34

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    Web page: http://www.elsevier.com/locate/eor

    Related research

    Keywords: Project management Project selection Integer programming Heuristics Implicit enumeration;

    References

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    Cited by:
    1. Ozer, Muammer, 2011. "Understanding the impacts of product knowledge and product type on the accuracy of intentions-based new product predictions," European Journal of Operational Research, Elsevier, vol. 211(2), pages 359-369, June.
    2. Slotnick, Susan A., 2011. "Order acceptance and scheduling: A taxonomy and review," European Journal of Operational Research, Elsevier, vol. 212(1), pages 1-11, July.

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