CLC number: TP39; O22
On-line Access: 2024-08-27
Received: 2023-10-17
Revision Accepted: 2024-05-08
Crosschecked: 2010-05-31
Cited: 5
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Yong-yi Shou, Yi-lun Huang. Combinatorial auction algorithm for project portfolio selection and scheduling to maximize the net present value[J]. Journal of Zhejiang University Science C, 2010, 11(7): 562-574.
@article{title="Combinatorial auction algorithm for project portfolio selection and scheduling to maximize the net present value",
author="Yong-yi Shou, Yi-lun Huang",
journal="Journal of Zhejiang University Science C",
volume="11",
number="7",
pages="562-574",
year="2010",
publisher="Zhejiang University Press & Springer",
doi="10.1631/jzus.C0910479"
}
%0 Journal Article
%T Combinatorial auction algorithm for project portfolio selection and scheduling to maximize the net present value
%A Yong-yi Shou
%A Yi-lun Huang
%J Journal of Zhejiang University SCIENCE C
%V 11
%N 7
%P 562-574
%@ 1869-1951
%D 2010
%I Zhejiang University Press & Springer
%DOI 10.1631/jzus.C0910479
TY - JOUR
T1 - Combinatorial auction algorithm for project portfolio selection and scheduling to maximize the net present value
A1 - Yong-yi Shou
A1 - Yi-lun Huang
J0 - Journal of Zhejiang University Science C
VL - 11
IS - 7
SP - 562
EP - 574
%@ 1869-1951
Y1 - 2010
PB - Zhejiang University Press & Springer
ER -
DOI - 10.1631/jzus.C0910479
Abstract: Scheduling projects at the activity level increases the complexity of decision making of project portfolio selection but also expands the search space to include better project portfolios. An integer programming model is formulated for the project portfolio selection and scheduling problem. An iterative multi-unit combinatorial auction algorithm is proposed to select and schedule project portfolios through a distributed bidding mechanism. Two price update schemes are designed to adopt either a standard or an adaptive Walrasian tâtonnement process. Computational tests show that the proposed auction algorithm with the adaptive price update scheme selects and schedules project portfolios effectively and maximizes the total net present value. The price profile generated by the algorithm also provides managerial insights for project managers and helps to manage the scarce resources efficiently.
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