A genetic algorithm for resource investment problem with discounted cash flows

A resource investment problem with discounted cash flows is a project scheduling problem in which the availability levels of the resources are considered decision variables and the goal is to find a schedule and resource requirement levels such that the net present value of the project cash flows op...

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Bibliographic Details
Published in:Applied mathematics and computation 2006-12, Vol.183 (2), p.1057-1070
Main Authors: Najafi, Amir Abbas, Niaki, Seyed Taghi A.
Format: Article
Language:English
Subjects:
Applied sciences
Exact sciences and technology
Genetic algorithms
Mathematics
Net present value
Numerical analysis
Numerical analysis. Scientific computation
Numerical methods in mathematical programming, optimization and calculus of variations
Operational research and scientific management
Operational research. Management science
Project scheduling
Resource investment
Scheduling, sequencing
Sciences and techniques of general use
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Summary:A resource investment problem with discounted cash flows is a project scheduling problem in which the availability levels of the resources are considered decision variables and the goal is to find a schedule and resource requirement levels such that the net present value of the project cash flows optimizes. In this paper, we present a genetic algorithm to solve this problem. We explain the elements of the algorithm such as chromosome structure, fitness function, crossover, mutation, and local improvement operations and solve more than 220 problems with known optimal solutions to evaluate the performance of the proposed algorithm. The results of the experimentation are quite satisfactory.
ISSN:0096-3003
1873-5649
DOI:10.1016/j.amc.2006.05.118