Three Different Payment Programs for the Multi-Mode Resource Constrained Project Scheduling Problem with Discounted Cash Flows: A Genetic Algorithm Approach

Abstract

In this paper, the multi-mode resource constrained project scheduling problem with discounted cash flows (RCPSPDCF) is considered. The objective is the maximization of the net present value (NPV) of all cash flows. The cash in- and out-flows are associated with activities and/or events. A genetic algorithm (GA) approach is developed exploiting the multi-component nature of the problem. Renewable, non-renewable, and doubly constrained resources are considered. Three different payment programs are considered: A lump sum payment at the terminal event, payments at pre-specified event nodes, and payments at pre-specified time points. A set of 93 problems are solved under three different payment programs. GA developed proves to be a robust algorithm resulting in satisfactory computational times