The article presents the problem of scheduling a multi-stage project with limited availability

of resources with the discounted cash flow maximization criterion from the perspective of

a contractor. The contractor’s cash outflows are associated with the execution of activities.

The client’s payments (cash inflows for the contractor) are performed after completing the

agreed project’s stages. The proposed solution for this problem is the use of insertion algorithms.

Schedules are generated using forward and backward schedule generation schemes

and modified justification techniques. The effectiveness of the proposed procedures is the

subject of the examination with the use of standard test instances with additionally defined

financial settlements of a project.