Optimization guided lower and upper bounds for the resource investment problem

The resource investment problem deals with the issue of providing resources to a project such that a given deadline can be met. The objective is to make the resources available in the cheapest possible way. For each resource, expenses depend on the maximum amount required during the course of the pr...

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Bibliographic Details
Published in:The Journal of the Operational Research Society 2001-03, Vol.52 (3), p.340-351
Main Authors: Drexl, A, Kimms, A
Format: Article
Language:English
Subjects:
Algorithms
Applied sciences
Business and Management
column generation
Conjugated estrogens
Exact sciences and technology
Flows in networks. Combinatorial problems
Heuristic
Heuristics
Investment
Investment schedule
Japanese encephalitis viruses
Lagrangean relaxation
lower bounds
Management
Mathematical models
Mathematical optima
Objective functions
Operational research and scientific management
Operational research. Management science
Operations research
Operations Research/Decision Theory
Optimization
resource investment problem
Resource management
Run time
Scheduling
Theoretical Paper
Theoretical Papers
Theory
upper bounds
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Summary:The resource investment problem deals with the issue of providing resources to a project such that a given deadline can be met. The objective is to make the resources available in the cheapest possible way. For each resource, expenses depend on the maximum amount required during the course of the project. In this paper we develop two lower bounds for this NP-hard problem using Lagrangean relaxation and column generation techniques, respectively. Both procedures are capable of yielding feasible solutions as well. Hence, we also have two optimization guided heuristics. A computational study consisting of a set of 3210 instances compares both approaches and allows insight into the performance.
ISSN:0160-5682
1476-9360
DOI:10.1057/palgrave.jors.2601099