首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Scheduling projects with stochastic activity duration to maximize expected net present value
Authors:Matthew J Sobel  Joseph G Szmerekovsky  Vera Tilson
Institution:1. Weatherhead School of Management, Case Western Reserve University, 10900 Euclid Avenue, Cleveland, Ohio 44106-7235, USA;2. College of Business, NDSU Department 2420, PO Box 6050, Fargo, ND 58108-6050, USA;3. Simon Graduate School of Business, University of Rochester, Rochester, NY 14627, USA
Abstract:Although uncertainty is rife in many project management contexts, little is known about adaptively optimizing project schedules. We formulate the problem of adaptively optimizing the expected present value of a project’s cash flow, and we show that it is practical to perform the optimization. The formulation includes randomness in activity durations, costs, and revenues, so the optimization leads to a recursion with a large state space even if the durations are exponentially distributed. We present an algorithm that partially exercises the “curse of dimensionality” as computational results demonstrate. Most of the paper is restricted to exponentially distributed task durations, but we sketch the adaptation of the algorithm to approximate any probability distribution of task duration.
Keywords:Project scheduling  Dynamic programming
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号