Resource renting problem with discounted cash flows: a genetic algorithm solution Online publication date: Fri, 01-Sep-2023
by Amir Asrzad; Sina Shokoohyar
International Journal of Business and Systems Research (IJBSR), Vol. 17, No. 5, 2023
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.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Business and Systems Research (IJBSR):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook