SEQUENCING A SET OF ALTERNATIVES UNDER TIME CONSTRAINTS

We consider a problem of sequencing a set of alternatives (i.e. manufa cturing methods, job applicants or target journals) available for sele ction to complete a project. Associated with each alternative are the probability of successful completion, the completion time, and the rew ard obtained upon successfully completing the alternative. The optimal sequencing strategy that maximizes the expected present value of tota l rewards, is derived based on a simple ordering parameter. We further consider an extension in which one of the alternatives will not be av ailable for selection if not selected by a certain time, and another e xtension in which the selection process is allowed only for a limited period of time. We propose solution strategies to the selection and se quencing problem under time constraints.