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Scheduling a Project to Maximize Its Present Value: A Zero-One Programming Approach


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  • Robert H. Doersch

    (Stanley Works Inc., Plantsville, Connecticut)

  • James H. Patterson

    (The Pennsylvania State University)

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    A zero-one integer programming formulation of the project scheduling problem is reported which maximizes the discounted value of cash flows in a project when progress payments and cash outflows are made upon the completion of certain activities. While this problem has been treated previously, it has not been addressed in a manner which allows for the type of constraints treated in this paper. And while cash can be treated as any other resource in the noncash flow, resource-constrained version of this problem, the effects of cash inflows and outflows and the time sequencing alternatives for them allow for a different treatment of cash resources than has been previously reported.

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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 23 (1977)
    Issue (Month): 8 (April)
    Pages: 882-889

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    Handle: RePEc:inm:ormnsc:v:23:y:1977:i:8:p:882-889

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    Cited by:
    1. Vanhoucke, Mario & Demeulemeester, Erik & Herroelen, Willy, 2003. "Progress payments in project scheduling problems," European Journal of Operational Research, Elsevier, vol. 148(3), pages 604-620, August.
    2. Mika, Marek & Waligora, Grzegorz & Weglarz, Jan, 2005. "Simulated annealing and tabu search for multi-mode resource-constrained project scheduling with positive discounted cash flows and different payment models," European Journal of Operational Research, Elsevier, vol. 164(3), pages 639-668, August.
    3. Herroelen, Willy S. & Van Dommelen, Patrick & Demeulemeester, Erik L., 1997. "Project network models with discounted cash flows a guided tour through recent developments," European Journal of Operational Research, Elsevier, vol. 100(1), pages 97-121, July.
    4. He, Zhengwen & Liu, Renjing & Jia, Tao, 2012. "Metaheuristics for multi-mode capital-constrained project payment scheduling," European Journal of Operational Research, Elsevier, vol. 223(3), pages 605-613.
    5. Ulusoy, Gunduz & Ozdamar, Linet, 1996. "A framework for an interactive project scheduling system under limited resources," European Journal of Operational Research, Elsevier, vol. 90(2), pages 362-375, April.


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