Article: Multi-mode resource-constrained project scheduling problem with payment periods to maximise the net present value: a case study Journal: International Journal of Agile Systems and Management (IJASM) 2026 Vol.19 No.2 pp.135 - 168 Abstract: This paper proposes a multi-mode project scheduling model considering renewable resources, capital constraints, and discounted cash flows. By assigning different execution modes to the activities, the project's net present value (NPV) is maximised based on various cash flow models. The research introduces three event-based cash flow models. In two of these models, cash payments are made at the beginning and end of the activity, respectively, while in the third model, payments occur at regular intervals from the start to the conclusion of the activities. A deterministic method, a heuristic method, and a metaheuristic genetic algorithm are developed to address the problem at hand. A case study examines projects from the Sarkhun and Qeshm Gas Refinery in Iran to implement the proposed models. Data from ten projects are analysed and tested in real dimensions. Computational results indicate that the metaheuristic method achieves a higher NPV compared to the heuristic method. Inderscience Publishers - linking academia, business and industry through research

Title: Multi-mode resource-constrained project scheduling problem with payment periods to maximise the net present value: a case study

Authors: Mahmoud Darvishnezhad; Seyed Farzad Hoseini; Hassan Zareei; Roya Soltani

Addresses: Department of Industrial Engineering, Qeshm Branch, Islamic Azad University, Qeshm, 795151393, Iran ' Faculty of Engineering, Department of Industrial Engineering, University of Hormozgan, Bandar Abbas, 7916193145, Iran ' Faculty of Engineering, Department of Industrial Engineering, University of Hormozgan, Bandar Abbas, 7916193145, Iran ' Faculty of Engineering, Department of Industrial Engineering, Khatam University, Tehran, 1991633357, Iran

Abstract: This paper proposes a multi-mode project scheduling model considering renewable resources, capital constraints, and discounted cash flows. By assigning different execution modes to the activities, the project's net present value (NPV) is maximised based on various cash flow models. The research introduces three event-based cash flow models. In two of these models, cash payments are made at the beginning and end of the activity, respectively, while in the third model, payments occur at regular intervals from the start to the conclusion of the activities. A deterministic method, a heuristic method, and a metaheuristic genetic algorithm are developed to address the problem at hand. A case study examines projects from the Sarkhun and Qeshm Gas Refinery in Iran to implement the proposed models. Data from ten projects are analysed and tested in real dimensions. Computational results indicate that the metaheuristic method achieves a higher NPV compared to the heuristic method.

Keywords: discounted cash flows; genetic algorithm; NPV; net present value; project scheduling.

DOI: 10.1504/IJASM.2026.152893

International Journal of Agile Systems and Management, 2026 Vol.19 No.2, pp.135 - 168

Received: 13 Mar 2024
Accepted: 28 Oct 2024
Published online: 14 Apr 2026 *

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Title: Multi-mode resource-constrained project scheduling problem with payment periods to maximise the net present value: a case study

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