Scheduling Markovian PERT networks to maximize the net present value

Authors:
Stefan Creemers;Roel Leus;Marc Lambrecht
Affiliations:
Research Center for Operations Management, Faculty of Business and Economics, Katholieke Universiteit Leuven, Belgium;Research Center for Operations Research & Business Statistics (ORSTAT), Faculty of Business and Economics, Katholieke Universiteit Leuven, Belgium;Research Center for Operations Management, Faculty of Business and Economics, Katholieke Universiteit Leuven, Belgium
Venue:
Operations Research Letters
Year:
2010

Citing 3
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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.