Tabu search for dedicated resource-constrained multiproject scheduling to minimise the maximal cash flow gap under uncertainty

Yukang He, Tao Jia and Weibo Zheng

European Journal of Operational Research, 2023, vol. 310, issue 1, 34-52

Abstract: Maintaining a positive balance between cash outflow and inflow is very important for contractors to smoothly implement projects. Based on this fact, with the objective of minimising the maximal cash flow gap, this paper investigates a dedicated resource-constrained multiproject scheduling problem with stochastic activity duration where renewable resources are dedicated to individual projects in advance, and the schedule of each project is then arranged independently. First, we construct an optimisation model for the problem and propose properties for it. Second, for the NP-hardness of the problem, we design a tabu search algorithm consisting of two modules and develop the measures according to the proposed properties to improve the searching efficiency of the algorithm. Finally, we conduct a computational experiment on a randomly generated dataset to evaluate the performance of the developed algorithm and analyse the effects of key parameters on the objective function value. The conclusions are as follows. The developed tabu search algorithm with the improvement measures is the most promising algorithm for solving the studied problem, and the contribution of the improvement measures may vary as the project parameters change. The maximal cash flow gap increases along with the resource factor, required robustness of project schedule, and discount rate per period of cash flows, and decreases with the increase in the project deadline, resource strength, number of milestone activities, advance payment proportion, or progress payment proportion. The interactions among the resource strength, resource factor, and project deadline may also generate an effect on the maximal cash flow gap.

Keywords: Project scheduling; Optimisation model; Tabu search; Dedicated resource; Maximum cash flow gap (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:310:y:2023:i:1:p:34-52

DOI: 10.1016/j.ejor.2023.02.029

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