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A heuristic treatment of tardiness and net present value criteria in resource constrained project scheduling

Linet Özdamar (Istanbul Kültür University, Department of Computer Engineering, Istanbul, Turkey)
Gündüz Ulusoy (Bogaziçi University, Department of Industrial Engineering, Istanbul, Turkey)
Mete Bayyigit (Bogaziçi University, Department of Industrial Engineering, Istanbul, Turkey)

International Journal of Physical Distribution & Logistics Management

ISSN: 0960-0035

Article publication date: 1 December 1998

1485

Abstract

Considers the resource‐constrained project scheduling problem where cash inflows and outflows are tied to the occurrence of events. The objective is the maximization of the project net present value (NPV) as well as the minimization of project tardiness in the presence of a project due date. Develops hybrid scheduling rules with both NPV and tardiness considerations to enhance both objectives. Experiments extensively with a set of benchmark problems originally designed for the objective of minimizing the project duration. Demonstrates that thje hybrid rules developed here are superior in performance with respect to both objectives when compared with well known rules which are developed for the two objective of minimizing the project duration. Demonstrates that the hybrid rules developed here are superior in performance with respect to both objectives when compared with well‐known rules which are developed for the two objectives taken individually. Furthermore, the iterative algorithm improves the performance of all tested rules significantly.

Keywords

Citation

Özdamar, L., Ulusoy, G. and Bayyigit, M. (1998), "A heuristic treatment of tardiness and net present value criteria in resource constrained project scheduling", International Journal of Physical Distribution & Logistics Management, Vol. 28 No. 9/10, pp. 805-824. https://doi.org/10.1108/09600039810248181

Publisher

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MCB UP Ltd

Copyright © 1998, MCB UP Limited

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