Sequencing a set of alternatives under time constraints

This paper considers a problem of sequencing a set of alternatives (i.e. manufacturing methods, job applicants or target journals) available for selection to complete a project. Associated with each alternative are the probability of successful completion, the completion time, and the reward obtained upon successfully completing the alternative. The optimal sequencing strategy that maximizes the expected present value of total rewards, is derived based on a simple ordering parameter. The paper further considers an extension in which one of the alternatives will not be available for selection if not selected by a certain time, and another extension in which the selection process is allowed only for a limited period of time. Solution strategies are proposed to the selection and sequencing problem under time constraints.