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Exact and Heuristic Methods for the Resource-Constrained Net Present Value Problem

In: Handbook on Project Management and Scheduling Vol.1

Author

Listed:
  • Hanyu Gu

    (University of Technology)

  • Andreas Schutt

    (University of Melbourne)

  • Peter J. Stuckey

    (University of Melbourne)

  • Mark G. Wallace

    (Monash University)

  • Geoffrey Chu

    (University of Melbourne)

Abstract

An important variant of the resource-constrained project scheduling problem is to maximise the net present value. Significant progress has been made recently on this problem for both exact and inexact methods. The lazy clause generation based constraint programming approach is the state of the art among the exact methods and is briefly discussed. The performance of the Lagrangian relaxation based decomposition method is greatly improved when the forward-backward improvement heuristic is employed. A novel decomposition approach is designed for very large industrial problems which can make full use of the parallel computing capability of modern personal computers. Computational results are also presented to compare different approaches on both difficult benchmark problems and large industrial applications.

Suggested Citation

  • Hanyu Gu & Andreas Schutt & Peter J. Stuckey & Mark G. Wallace & Geoffrey Chu, 2015. "Exact and Heuristic Methods for the Resource-Constrained Net Present Value Problem," International Handbooks on Information Systems, in: Christoph Schwindt & Jürgen Zimmermann (ed.), Handbook on Project Management and Scheduling Vol.1, edition 127, chapter 0, pages 299-318, Springer.
    • Handle: RePEc:spr:ihichp:978-3-319-05443-8_14
    DOI: 10.1007/978-3-319-05443-8_14
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    Citations

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    Cited by:

    1. Hartmann, Sönke & Briskorn, Dirk, 2022. "An updated survey of variants and extensions of the resource-constrained project scheduling problem," European Journal of Operational Research, Elsevier, vol. 297(1), pages 1-14.
    2. Yangyang Liang & Nanfang Cui & Tian Wang & Erik Demeulemeester, 2019. "Robust resource-constrained max-NPV project scheduling with stochastic activity duration," OR Spectrum: Quantitative Approaches in Management, Springer;Gesellschaft für Operations Research e.V., vol. 41(1), pages 219-254, March.
    3. Homberger, Jörg & Fink, Andreas, 2017. "Generic negotiation mechanisms with side payments – Design, analysis and application for decentralized resource-constrained multi-project scheduling problems," European Journal of Operational Research, Elsevier, vol. 261(3), pages 1001-1012.
    4. Creemers, Stefan, 2018. "Maximizing the expected net present value of a project with phase-type distributed activity durations: An efficient globally optimal solution procedure," European Journal of Operational Research, Elsevier, vol. 267(1), pages 16-22.

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