A comparison of stochastic scheduling rules for maximizing project net present value

This paper examines the use of stochastic scheduling rules for maximizing the net present value of a project. A comprehensive set of 1440 test problems, representing five different project characteristics, is constructed. These test problems are used to evaluate the performance of nine stochastic sc...

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Bibliographic Details
Published in:European journal of operational research 1995-09, Vol.85 (2), p.327-339
Main Authors: Yang, Kum Khiong, Tay, Lee Choo, Sum, Chee Chuong
Format: Article
Language:English
Subjects:
Applied sciences
Exact sciences and technology
Job shops
Net present value
Operational research and scientific management
Operational research. Management science
Optimization
Performance evaluation
Project management
Project scheduling
Scheduling
Scheduling, sequencing
Simulated annealing
Stochastic models
Stochastic sampling
Studies
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Summary:This paper examines the use of stochastic scheduling rules for maximizing the net present value of a project. A comprehensive set of 1440 test problems, representing five different project characteristics, is constructed. These test problems are used to evaluate the performance of nine stochastic scheduling rules. A simulated annealing scheduling procedure is shown to perform best, generating the highest net present values for most of the test problems. In certain environments, two previously examined rules, the Rank Positional Weight and a Discounted Cumulative Cash Flow Weight rule, also perform well with high net present values.
ISSN:0377-2217
1872-6860
DOI:10.1016/0377-2217(94)00039-F