 Resource renting problem with discounted cash flows: a genetic algorithm solutionAmir Asrzad and Sina Shokoohyar International Journal of Business and Systems Research, 2023, vol. 17, issue 5, 504-521 Abstract: The resource renting problem, which is a class of project scheduling problems, is very similar to the resource investment problem. In the case of resource investment problems, the objective function is to make optimal resources procurement to have sufficient resources available in each period. In modelling the resource renting problem, we assume that the project's resources can be rented, making rental costs time-dependent. A standard resource renting problem tries to minimise the cost of acquiring resources, where the objective function only includes costs and does not include the interest rate. This paper has modelled the resource renting problem with discounted cash flow and solved it using a genetic algorithm. We consider the objective function to maximise the net present value of money and solve it using a genetic algorithm. The performance of the genetic algorithm is compared with exact methods. We have solved a set of standard project scheduling problems with both the genetic algorithm and exact methods. The test results are quite satisfactory. Keywords: resource renting problem; discounted cash flows; genetic algorithm; project management. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbsre:v:17:y:2023:i:5:p:504-521 Access Statistics for this article More articles in International Journal of Business and Systems Research from Inderscience Enterprises Ltd |
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