A value-oriented decision model for the recreational area development project schedule

Hsin Yun Lee*, Ren-Jye Dzeng

*Corresponding author for this work

Research output: Contribution to journalArticle

Abstract

The planning of a recreational area determines the development ordering, combination, and resource utilization of its facilities, and has great impact on the number of visitors it may attract. The construction cost and operation profit of each facility is variable, and the resource provided by each facility may also affect the attractiveness of others. Activities of the development plan constitute the project value chain. This research considers the direct and indirect values that each activity may bring to the project, and prioritizes possible development alternatives based on their net present values. A model that integrates simulation and genetic algorithm is proposed to determine the combination and ordering of facilities to be invested in each project development step. Based on the genetic algorithm, a chromosome represents activities' priority for using resources, based on which a development plan can be derived. The development plan of the model may provide investors a systematic and quantitative suggestion, and help them determine the development portfolio of facilities under constrained funding.

Original languageEnglish
Pages (from-to)135-146
Number of pages12
JournalJournal of the Chinese Institute of Civil and Hydraulic Engineering
Volume19
Issue number1
StatePublished - 1 Mar 2007

Keywords

  • Investment decision
  • Recreational area development
  • Scheduling

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