International Journal of Industrial Engineering & Production Research

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Project scheduling   Net present value

We consider a project scheduling problem with permitted tardiness and discrete time/resource trade-offs under maximum net present value objective. In this problem, a project consists of a set of sequential phases such that each phase contains one or more sub-projects including activities interrelated by finish-start-type precedence relations with a time lag of zero, which require one or more renewable resources. There is also a set of unconstrained renewable resources. For each activity, instead of a fixed duration and known resource requirements, a total work content respect to each renewable resource is given which essentially indicates how much work has to be performed on it. This work content can be performed in different modes, i.e. with different durations and resource requirements as long as the required work content is met. Based on the cost of resources units and resource requirements of each activity, there is a corresponding cash flow for the activity. Each phase is ended with a milestone that corresponds to the phase income. We prove that the mode corresponding to the minimum possible duration of each activity is the optimal mode in this problem. We also present a simple optima scheduling procedure to determine the finish time of each activity .

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Innovation & Prosperity Fund (IPfund) in Iran as a governmental organization aims to develop new technology-based firms (NTBF) by its available resources through financing these firms. The innovative projects which refer to IPfund for financing are in a stage which can receive both fixed rate facilities and partnership in the projects, i.e. profit loss sharing (PLS). Since this fund must protect its initial and real value of its capital against inflation rate, therefore, this study aims to examine the suitable financing methods with considering risk. For this purpose we study on risk assessment models to see how to use risk adjusted net present value for knowledge based projects. On this basis, the NPV of a project has been analyzed by taking into account the risk variables (sales revenue and the cost of fixed investment) and using Monte Carlo simulation. The results indicate that in most cases for a project, the risk adjusted NPV in partnership scenario is more than the other scenario. In addition to, partnership in projects which demand for industrial production facilities is preferable for the IPfund than projects calling for working capital.