Solution procedure for generalized resource investment problem with discounted cash ows and progress payment

In this paper, the resource investment problem (rip) has been studied in which the availability levels of the resources are considered as decision variables. the objective is to maximize the net present value of a project by a given project deadline subject to progress payments. the project has activities interrelated by generalized precedence relations (gpr's), which require a set of renewable resources. a non-linear mixed integer programming formulation is proposed for the problem. the problem formed in this way is an np-hard one, leading to the use of a modified version of the sa (msa) algorithm in order to obtain a satisfying solution, based on its hybridization with a local search procedure. in order to improve the msa, the taguchi technique is executed to tune its parameters. moreover, the genetic algorithm (ga) is also applied to validate the performance of the proposed algorithm. finally, for examining the algorithm's performance, the relative percent deviation (rpd) index is applied for comparison. the results of the performance analysis of the proposed msa show the efficiency of the presented algorithm.