We investigate a project scheduling problem in which cash flows are periodically variable, and we aim to maximize the net present value (NPV). For each activity, a set of cash flows is considered where each one pertains to a particular period. This setting is compatible with inflation rates that may well occur in some countries with unstable economic situations where the occurrence times of inflation are sometimes known in advance. In this case, the project can be scheduled more suitably to abate probable pitfalls. In this paper, we investigate the problem in two settings: deterministic and stochastic cash flows. In the deterministic case, in each period we consider the expected value of cash flows of each activity as a constant and develop an integer linear programming model in conjunction with a branch-and-bound algorithm to solve the problem optimally. Moreover, we develop a multi-stage stochastic programming (MSSP) model to formulate the stochastic version of the problem. Using a set of randomly generated test instances and extensive computational results, we analyze the performance of our developed solution approaches. In addition, we compare the deterministic and stochastic models and analyze the sensitivity of the most important parameters.

Mahboobe Peymankar

Mohammad Ranjbar

Asia Pacific Journal of Operational Research

亚太运筹学杂志 (APJOR) 为亚太地区内外运筹学及相关领域的从业人员、学者和研究人员提供了一个论坛。APJOR 将提交以下类别之一：一般、理论、OR 实践、审稿人调查、OR 教育和通信（包括短文和信件）。理论论文应具有重大的方法论发展。重点是原创性、质量和重要性，特别强调结果的实际意义。说明运筹学应用的实用论文特别令人感兴趣。

The Asia-Pacific Journal of Operational Research (APJOR) provides a forum for practitioners, scholars, and researchers in operational research and related fields from the Asia-Pacific region and beyond. APJOR accepts submissions in the following categories: general papers, theoretical research, OR practice, reviewer surveys, OR education, and communications (including short papers and letters). Theoretical papers should demonstrate significant methodological advancements, with a strong emphasis on originality, quality, and importance, particularly highlighting the practical implications of the results. Practical papers showcasing the applications of operational research are especially welcome.

亚太运筹学杂志 (Asia-Pacific Journal of Operational Research) 为亚太地区及其他地区的运筹学及相关领域的从业人员、学者和研究人员提供了一个交流平台。该杂志接受以下类别的投稿：一般论文、理论研究、运筹学实践、审稿人调查、运筹学教育以及通讯（包括短文和信件）。理论论文应具有显著的方法论创新，特别强调原创性、质量和重要性，尤其关注研究结果的实际应用价值。我们特别欢迎展示运筹学应用的实用性论文。

Asia-Pacific Journal of Operational Research

Maximizing the Net Present Value in Project Scheduling Under Periodic Inflation

This paper develops a multi-stage stochastic programming model in conjunction with a branch-and-bound algorithm to solve the project scheduling problem in which cash flows are periodically variable, and aims to maximize the net present value (NPV).

Category	Quartile
管理学	4
管理学, 运筹学与管理科学	4

Maximizing the Net Present Value in Project Scheduling Under Periodic Inflation

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Category	Quartile
OPERATIONS RESEARCH & MANAGEMENT SCIENCE	4