Project network models with discounted cash flows. A guided tour through recent developments.

The vast majority of the project scheduling methodologies presented in the literature have been developed with the objective of minimizing the project duration subject to precedence and other constraints. In doing so, the financial aspects of project management are largely ignored. Recent efforts have taken into account discounted cash flow and have focused on the maximalization of the net present value (npv) of the project as the more appropriate objective. In this paper we offer a guided tour through the important recent developments in the expanding field of research on deterministic and stochastic project network models with discounted cash flows. Subsequent to a close examination of the rationale behind the npv objective, we offer a taxonomy of the problems studied in the literature and critically review the major contributions. Proper attention is given to npv maximization models for the unconstrained scheduling problem with known cash flows, optimal and suboptimal scheduling procedures with various types of resource constraints, and the problem of determining both the timing and amount of payments.Scheduling; Models; Model; Discounted cash flow; Cash flow; Project scheduling; Project management; Management; Net present value; Value; Problems; Maximization; Optimal;

Screening with an Approximate Type Space

We re-visit the single-agent mechanism design problem with quasi-linear preferences, but we assume that the principal knowingly operates on the basis of only an approximate type space rather than the (potentially complex) truth. We propose a two-step scheme, the profit-participation mechanism, whereby: (i) the principal .takes the model seriously and computes the optimal menu for the approximate type space; (ii) but she discounts the price of each allocation proportionally to the profit that the allocation would yield in the approximate model. We characterize the bound to the profit loss and show that it vanishes smoothly as the distance between the approximate type space and the true type space converges to zero. Instead, we show that it is not a valid approximation to simply act as if the model was correct.

Credit assignment in multiple goal embodied visuomotor behavior

The intrinsic complexity of the brain can lead one to set aside issues related to its relationships with the body, but the field of embodied cognition emphasizes that understanding brain function at the system level requires one to address the role of the brain-body interface. It has only recently been appreciated that this interface performs huge amounts of computation that does not have to be repeated by the brain, and thus affords the brain great simplifications in its representations. In effect the brain’s abstract states can refer to coded representations of the world created by the body. But even if the brain can communicate with the world through abstractions, the severe speed limitations in its neural circuitry mean that vast amounts of indexing must be performed during development so that appropriate behavioral responses can be rapidly accessed. One way this could happen would be if the brain used a decomposition whereby behavioral primitives could be quickly accessed and combined. This realization motivates our study of independent sensorimotor task solvers, which we call modules, in directing behavior. The issue we focus on herein is how an embodied agent can learn to calibrate such individual visuomotor modules while pursuing multiple goals. The biologically plausible standard for module programming is that of reinforcement given during exploration of the environment. However this formulation contains a substantial issue when sensorimotor modules are used in combination: The credit for their overall performance must be divided amongst them. We show that this problem can be solved and that diverse task combinations are beneficial in learning and not a complication, as usually assumed. Our simulations show that fast algorithms are available that allot credit correctly and are insensitive to measurement noise