Risk-Aware Project Scheduling for Projects with Varied Risk Levels

In this paper we continue our research into Risk-Aware Project Scheduling Problem (RAPSP), a new class of project scheduling problems defined in [16], that includes risk management issues typical for real-life scenarios. We introduce a new RAPSP solver inspired by GRASP algorithm used for solving traditional stochastic project scheduling problems and compare it with previously defined methods. We also define a new set of benchmark problems, including a class of projects that may fail completely, and verify and compare the efficacy of all our proactive and reactive approaches (both new and existing) for problems of varying complexity and characteristics.