A serial scheme for minimizing the duration of resource-constrained projects within Microsoft Project

Microsoft Project is one of the most-widely used software packages for project management. For the scheduling of resource-constrained projects, the package applies a priority-based procedure using a specific schedule-generation scheme. This procedure performs relatively poorly when compared against other software packages or state-of-the-art methods for resource-constrained project scheduling. In Microsoft Project 2010, it is possible to work with schedules that are infeasible with respect to the precedence or the resource constraints. We propose a novel schedule-generation scheme that makes use of this possibility. Under this scheme, the project tasks are scheduled sequentially while taking into account all temporal and resource constraints that a user can define within Microsoft Project. The scheme can be implemented as a priority-rule based heuristic procedure. Our computational results for two real-world construction projects indicate that this procedure outperforms the built-in procedure of Microsoft Project

The Resource-Constrained Project Scheduling Problem with Work-Content Constraints

For executing the activities of a project, one or several resources are required, which are in general scarce. Many resource-allocation methods assume that the usage of these resources by an activity is constant during execution; in practice, however, the project manager may vary resource usage by individual activities over time within prescribed bounds. This variation gives rise to the project scheduling problem which consists in allocating the scarce resources to the project activities over time such that the project duration is minimized, the total number of resource units allocated equals the prescribed work content of each activity, and precedence and various work-content-related constraints are met.

Index Tracking Using Data-Mining Techniques and Mixed-Binary Linear Programming

Index tracking has become one of the most common strategies in asset management. The index-tracking problem consists of constructing a portfolio that replicates the future performance of an index by including only a subset of the index constituents in the portfolio. Finding the most representative subset is challenging when the number of stocks in the index is large. We introduce a new three-stage approach that at first identifies promising subsets by employing data-mining techniques, then determines the stock weights in the subsets using mixed-binary linear programming, and finally evaluates the subsets based on cross validation. The best subset is returned as the tracking portfolio. Our approach outperforms state-of-the-art methods in terms of out-of-sample performance and running times.