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- Title
COMPUTATIONAL EXPERIENCE WITH VARIANTS OF THE BALAS ALGORITHM APPLIED TO THE SELECTION OF R&D PROJECTS.
- Authors
Petersen, Clifford C.
- Abstract
Allocating funds to independent R&D projects is a problem of practical importance for many firms. We formulate the problem as a 0-1 integer programming problem with the objective of selecting projects that will maximize the anticipated dollar contract volume, yet not exceed cost budgets. Our formulation accommodates R&D projects extending over several budget periods and permits carryover of unspent funds from one budget period to later periods. Experience in solving such problems by using the Balas [1] algorithm in its literal form and in reformulated form is summarized. Several other modifications to the algorithm are described and their effect on efficiency is shown through presentation of computational experience on problems with as many as 50 variables.
- Subjects
INTEGER programming; ALGORITHMS; MATHEMATICAL variables; MATHEMATICS; MATHEMATICAL programming; BUDGET; RESEARCH &; development; ASSET allocation; LETTING of contracts; DECISION making; STRATEGIC planning; BUSINESS planning
- Publication
Management Science, 1967, Vol 13, Issue 9, p736
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.13.9.736