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USING A LATE‐START RESOURCE‐CONSTRAINED PROJECT SCHEDULE TO IMPROVE PROJECT NET PRESENT VALUE*

Dwight E. Smith‐Daniels · Nicholas J. Aquilano

74 citations0/0 files storedDecision Sciences

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Resource-Constrained Project Scheduling Construction Project Management and Performance Scheduling and Optimization Algorithms

Abstract

ABSTRACT Although literature on the achievement of monetary objectives in a resource‐constrained project environment is limited, the maximization of project net present value (NPV) is an important criterion of project success. This paper presents a procedure for developing a late‐start resource‐constrained project schedule using the critical path method‐material requirements planning. Using an extensive set of problems from the literature, we show that this procedure yields a higher NPV and lower average duration than schedules derived with heuristics that schedule each activity as early as possible. In addition, while the late‐start schedule on average was significantly longer than the optimal‐duration resource‐constrained schedule, no significant difference occurred in the average NPVs of the two scheduling methods.

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References

1984Manufacturing Planning and Control Systems 1975A Comparison of Heuristic and Optimum Solutions in Resource-Constrained Project Scheduling 1984A Comparison of Exact Approaches for Solving the Multiple Constrained Resource, Project Scheduling Problem 1970Cash Flows in Networks 1973Project Scheduling under Resource Constraints—Historical Review and Categorization of Procedures 1964Some Properties of Schedules for Large Projects with Limited Resources 1977Scheduling a Project to Maximize Its Present Value: A Zero-One Programming Approach 1976Project scheduling: The effects of problem structure on heuristic performance

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1997Activity Delay in Stochastic Project Networks 1997Scheduling projects to maximize net present value — the case of time-dependent, contingent cash flows 1996The development of cash flow weight procedures for maximizing the net present value of a project 1995A heuristic scheduling algorithm for improving the duration and net present value of a project 2014A new scheduling technique for the resource–constrained project scheduling problem with discounted cash flows

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