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Resource renting problem with discounted cash flows: a genetic algorithm solution

Author

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  • Amir Asrzad
  • Sina Shokoohyar

Abstract

The resource renting problem, which is a class of project scheduling problems, is very similar to the resource investment problem. In the case of resource investment problems, the objective function is to make optimal resources procurement to have sufficient resources available in each period. In modelling the resource renting problem, we assume that the project's resources can be rented, making rental costs time-dependent. A standard resource renting problem tries to minimise the cost of acquiring resources, where the objective function only includes costs and does not include the interest rate. This paper has modelled the resource renting problem with discounted cash flow and solved it using a genetic algorithm. We consider the objective function to maximise the net present value of money and solve it using a genetic algorithm. The performance of the genetic algorithm is compared with exact methods. We have solved a set of standard project scheduling problems with both the genetic algorithm and exact methods. The test results are quite satisfactory.

Suggested Citation

  • Amir Asrzad & Sina Shokoohyar, 2023. "Resource renting problem with discounted cash flows: a genetic algorithm solution," International Journal of Business and Systems Research, Inderscience Enterprises Ltd, vol. 17(5), pages 504-521.
    • Handle: RePEc:ids:ijbsre:v:17:y:2023:i:5:p:504-521
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