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Note---An Improved Discrete Dynamic Programming Algorithm for Allocating Resources Among Interdependent Projects

Author

Listed:
  • Robert L. Carraway

    (Darden Graduate School of Business Administration, University of Virginia, Charlottesville, Virginia 22906)

  • Robert L. Schmidt

    (Carlson School of Management, University of Minnesota, Minneapolis, Minnesota 55455)

Abstract

Nemhauser and Ullmann (1969) proposed a discrete dynamic programming (DP) approach for several variations of the basic capital allocation model, including one in which the returns and resource consumption of projects are interdependent. For this case, we augment their DP approach with a branch-and-bound strategy as suggested in Morin and Marsten (1976). Computational results demonstrate that this enhancement significantly reduces required computation time and effectively removes any limit on the number of nonzero interaction terms allowed. We also demonstrate that our approach compares favorably to an alternative implicit enumeration approach proposed by Hansen (1972).

Suggested Citation

  • Robert L. Carraway & Robert L. Schmidt, 1991. "Note---An Improved Discrete Dynamic Programming Algorithm for Allocating Resources Among Interdependent Projects," Management Science, INFORMS, vol. 37(9), pages 1195-1200, September.
    • Handle: RePEc:inm:ormnsc:v:37:y:1991:i:9:p:1195-1200
    DOI: 10.1287/mnsc.37.9.1195
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    Cited by:

    1. Boysen, Nils & Bock, Stefan, 2011. "Scheduling just-in-time part supply for mixed-model assembly lines," European Journal of Operational Research, Elsevier, vol. 211(1), pages 15-25, May.
    2. Bautista, J. & Companys, R. & Corominas, A., 1996. "Heuristics and exact algorithms for solving the Monden problem," European Journal of Operational Research, Elsevier, vol. 88(1), pages 101-113, January.
    3. Fekri, Roxana & Amiri, Maghsoud & Sajjad, Rasoul & Golestaneh, Ramin, 2016. "Optimization of Bank Portfolio Investment Decision Considering Resistive Economy," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 11(4), pages 375-400, October.
    4. Ye Tian & Miao Sun & Zuoliang Ye & Wei Yang, 2016. "Expanded models of the project portfolio selection problem with loss in divisibility," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 67(8), pages 1097-1107, August.
    5. Palmowski, Zbigniew & Sidorowicz, Aleksandra, 2020. "An application of dynamic programming to assign pressing tanks at wineries," European Journal of Operational Research, Elsevier, vol. 287(1), pages 293-305.
    6. Lean Yu & Shouyang Wang & Fenghua Wen & Kin Lai, 2012. "Genetic algorithm-based multi-criteria project portfolio selection," Annals of Operations Research, Springer, vol. 197(1), pages 71-86, August.

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