International Journal of Industrial Engineering and Management

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Vol. 5 No. 3 (2014)
Original Research Article

A Backward Approach for Maximizing Net Present Value of Multi-mode Pre-emptive Resource-Constrained Project Scheduling Problem with Discounted Cash Flows Using Simulated Annealing Algorithm

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  • Aidin Delgoshaei,
  • Mohd Khairol Ariffin,
  • B. T. Hang Tuah Bin Baharudin,
  • Zulkiflle Leman
Aidin Delgoshaei University Putra Malaysia, Department of Mechanical and Manufacturing Engineering

Bio
Mohd Khairol Ariffin University Putra Malaysia, Department of Mechanical and Manufacturing Engineering

Bio
B. T. Hang Tuah Bin Baharudin University Putra Malaysia, Department of Mechanical and Manufacturing Engineering

Bio
Zulkiflle Leman University Putra Malaysia, Department of Mechanical and Manufacturing Engineering

Bio

Published 2014-09-30

Keywords

  • Project Scheduling,
  • Pre-emptive,
  • Resource-Constrained,
  • Simulated Annealing

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Abstract

In this article, a backward approach for maximizing net present value (NPV) in multi-mode resource constrained project scheduling problem while assuming discounted positive cash flows (MRCPSP-DC)is proposed. The progress payment method is used and all resources are considered as pre-emptible. The proposed approach maximizes NPV using unscheduled resources through resource calendar in backward mode. A simulated annealing algorithm is developed for solving experimental cases with 50 variables and results are compared with forward serial programming method. The remarkableresults demonstratethat the proposed methodcan effectively improve NPV inMRCPSP-DC while activity splitting is allowed.

 

Article history: Received (25.07.2014); Revised (10.09.2014); Accepted (01.10.2014)  

FULL TEXT ARTICLE (PDF)