Scheduling Markovian PERT networks to maximize the net present value |
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| Authors: | Stefan Creemers Marc Lambrecht |
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| Affiliation: | a Research Center for Operations Management, Faculty of Business and Economics, Katholieke Universiteit Leuven, Belgium
b Research Center for Operations Research & Business Statistics (ORSTAT), Faculty of Business and Economics, Katholieke Universiteit Leuven, Belgium |
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| Abstract: | We examine project scheduling with net present value objective and exponential activity durations, using a continuous-time Markov decision chain. On the basis of a judicious partitioning of the state space, we achieve a significant performance improvement as compared to the existing algorithms. |
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| Keywords: | Project scheduling Net present value Stochastic activity durations Exponential distribution |
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