3,192 research outputs found

    A variable neighborhood search simheuristic for project portfolio selection under uncertainty

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    With limited nancial resources, decision-makers in rms and governments face the task of selecting the best portfolio of projects to invest in. As the pool of project proposals increases and more realistic constraints are considered, the problem becomes NP-hard. Thus, metaheuristics have been employed for solving large instances of the project portfolio selection problem (PPSP). However, most of the existing works do not account for uncertainty. This paper contributes to close this gap by analyzing a stochastic version of the PPSP: the goal is to maximize the expected net present value of the inversion, while considering random cash ows and discount rates in future periods, as well as a rich set of constraints including the maximum risk allowed. To solve this stochastic PPSP, a simulation-optimization algorithm is introduced. Our approach integrates a variable neighborhood search metaheuristic with Monte Carlo simulation. A series of computational experiments contribute to validate our approach and illustrate how the solutions vary as the level of uncertainty increases

    A bi-objective genetic algorithm approach to risk mitigation in project scheduling

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    A problem of risk mitigation in project scheduling is formulated as a bi-objective optimization problem, where the expected makespan and the expected total cost are both to be minimized. The expected total cost is the sum of four cost components: overhead cost, activity execution cost, cost of reducing risks and penalty cost for tardiness. Risks for activities are predefined. For each risk at an activity, various levels are defined, which correspond to the results of different preventive measures. Only those risks with a probable impact on the duration of the related activity are considered here. Impacts of risks are not only accounted for through the expected makespan but are also translated into cost and thus have an impact on the expected total cost. An MIP model and a heuristic solution approach based on genetic algorithms (GAs) is proposed. The experiments conducted indicate that GAs provide a fast and effective solution approach to the problem. For smaller problems, the results obtained by the GA are very good. For larger problems, there is room for improvement

    Supply chain management: An opportunity for metaheuristics

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    In today’s highly competitive and global marketplace the pressure on organizations to find new ways to create and deliver value to customers grows ever stronger. In the last two decades, logistics and supply chain has moved to the center stage. There has been a growing recognition that it is through an effective management of the logistics function and the supply chain that the goal of cost reduction and service enhancement can be achieved. The key to success in Supply Chain Management (SCM) require heavy emphasis on integration of activities, cooperation, coordination and information sharing throughout the entire supply chain, from suppliers to customers. To be able to respond to the challenge of integration there is the need of sophisticated decision support systems based on powerful mathematical models and solution techniques, together with the advances in information and communication technologies. The industry and the academia have become increasingly interested in SCM to be able to respond to the problems and issues posed by the changes in the logistics and supply chain. We present a brief discussion on the important issues in SCM. We then argue that metaheuristics can play an important role in solving complex supply chain related problems derived by the importance of designing and managing the entire supply chain as a single entity. We will focus specially on the Iterated Local Search, Tabu Search and Scatter Search as the ones, but not limited to, with great potential to be used on solving the SCM related problems. We will present briefly some successful applications.Supply chain management, metaheuristics, iterated local search, tabu search and scatter search

    A statistical learning based approach for parameter fine-tuning of metaheuristics

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    Metaheuristics are approximation methods used to solve combinatorial optimization problems. Their performance usually depends on a set of parameters that need to be adjusted. The selection of appropriate parameter values causes a loss of efficiency, as it requires time, and advanced analytical and problem-specific skills. This paper provides an overview of the principal approaches to tackle the Parameter Setting Problem, focusing on the statistical procedures employed so far by the scientific community. In addition, a novel methodology is proposed, which is tested using an already existing algorithm for solving the Multi-Depot Vehicle Routing Problem.Peer ReviewedPostprint (published version

    The software project scheduling problem: A scalability analysis of multi-objective metaheuristics

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    Applied Soft Computing 15, 136-148Computer aided techniques for scheduling software projects are a crucial step in the software development process within the highly competitive software industry. The Software Project Scheduling (SPS) problem relates to the decision of who does what during a software project lifetime, thus involving mainly both people-intensive activities and human resources. Two major conflicting goals arise when scheduling a software project: reducing both its cost and duration. A multi-objective approach is therefore the natural way of facing the SPS problem. As companies are getting involved in larger and larger software projects, there is an actual need of algorithms that are able to deal with the tremendous search spaces imposed. In this paper, we analyze the scalability of eight multi-objective algorithms when they are applied to the SPS problem using instances of increasing size. The algorithms are classical algorithms from the literature (NSGA-II, PAES, and SPEA2) and recent proposals (DEPT, MOCell, MOABC, MO-FA, and GDE3). From the experimentation conducted, the results suggest that PAES is the algorithm with the best scalability features.Spanish Ministry of Science and Innovation and ERDF (European Regional Development Fund) under contract TIN2008-06491-C04 (M* project). Spanish Ministry of Economy and Competitiveness and the ERDF under contracts TIN2012-30685 (BIO project) and TIN2011-28194 (roadME project). Fundación Valhondo, for the economic support offered to David L. Gonzålez-Álvarez
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