Optimization guided lower and upper bounds for the resource investment problem. (English) Zbl 1131.90378

Drexl, A.; Kimms, A.

J. Oper. Res. Soc. 52, No. 3, 340-351 (2001).

Summary: The resource investment problem deals with the issue of providing resources to a project such that a given deadline can be met. The objective is to make the resources available in the cheapest possible way. For each resource, expenses depend on the maximum amount required during the course of the project. In this paper we develop two lower bounds for this NP-hard problem using Lagrangean relaxation and column generation techniques, respectively. Both procedures are capable of yielding feasible solutions as well. Hence, we also have two optimization guided heuristics. A computational study consisting of a set of 3210 instances compares both approaches and allows insight into the performance.

MSC:

90B50	Management decision making, including multiple objectives
91B32	Resource and cost allocation (including fair division, apportionment, etc.)
90C90	Applications of mathematical programming

Keywords:

resource investment problem; Lagrangean relaxation; column generation; lower bounds; upper bounds