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Variance minimization in resource leveling for self-financing project portfolios: a convex MIQCP approach | ||
| Journal of Mathematical Modeling | ||
| دوره 14، شماره 3، آبان 2026، صفحه 1005-1025 اصل مقاله (396.04 K) | ||
| نوع مقاله: Research Article | ||
| شناسه دیجیتال (DOI): 10.22124/jmm.2026.31598.2845 | ||
| نویسندگان | ||
| Seyed Mahdi Mirkhorsandi langaroudi1؛ Hossein Khosravi2؛ Alireza Davoodi* 3؛ Seyed Mojtaba Movahedifar4 | ||
| 1Department of Civil Engineering, Ne.C., Islamic Azad University, Neyshabur, Iran. | ||
| 2Department of Civil Engineering, Hakim Sabzevari University, Sabzevar, Iran | ||
| 3Department of Mathematics, Ne.C., Islamic Azad University, Neyshabur, Iran | ||
| 4Department of Civil Engineering, Ne.C., Islamic Azad University, Neyshabur, Iran | ||
| چکیده | ||
| This study addresses the critical trade-off between financial returns and operational stability in capital-intensive project portfolios. We propose a novel convex Mixed-Integer Quadratically Constrained Programming (MIQCP) framework that unifies Net Present Value (NPV) maximization, strict self-financing, and direct resource variance minimization. Unlike existing non-convex or heuristic models, our approach endogenizes flexible phasing strategies and introduces a dual-buffer mechanism to protect both liquidity and resource capacity. By exploiting the positive semi-definite properties of the quadratic constraints, we ensure global optimality for portfolios with 50+ activities. Computational results reveal a significant ”constrainedness” effect, where tighter financial and precedence constraints accelerate convergence by pruning the search tree. Findings demonstrate that a negligible NPV sacrifice (< 2%) yields disproportionate gains in resource stability (> 8%), providing a high-fidelity decision-support tool for managing internal capital markets under high volatility. | ||
| کلیدواژهها | ||
| Project portfolio management؛ resource leveling؛ self-financing portfolios؛ convex MIQCP؛ internal capital reinvestment؛ project phasing | ||
| مراجع | ||
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