<p>This research presents a comprehensive bi-objective mathematical model for project selection, scheduling, and adjustment under capital limitations. The mathematical model integrates project phasing, adjustment (including upgrading and abandonment), reinvestment of surplus funds at a risk-free interest rate, inter-project dependencies, and the possibility of postponing projects. These features were rarely addressed collectively in previous studies. Two objective functions are considered, one maximizing the income and the other minimizing the average delay from the due dates. The proposed mathematical model is formulated as a binary integer linear program and solved using the Augmented Epsilon Constraint method (AUGMECON2). This solution method produces Pareto-optimal solutions, which present a trade-off between income and average delay. A detailed sensitivity analysis across diverse budget levels and interest rates indicates the proposed mathematical model offers flexibility and adaptability. The outcomes also underscore the value of project adjustment, especially in environments with resource constraints or low interest. The findings provide strategic insights for decision-makers who seek to balance income, flexibility, and timely executions in real-world project portfolios.</p>