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In this paper, a Pareto-archived estimation-of-distribution algorithm (PAEDA) is presented for the multiobjective resource-constrained project scheduling problem with makespan and resource investment criteria. First, by combining the activity list and the resource list, an encoding scheme named activity-resource list is presented. Second, a novel hybrid probability model is designed to predict the most promising activity permutation and resource capacities. Third, a new sampling and updating mechanism for the probability model is developed to track the area with promising solutions. In addition, a Pareto archive is used to store the nondominated solutions that have been explored, and another archive is used to store the solutions for updating the probability model. The evolution process of the PAEDA is visualized showing the most promising area of the search space is tracked. Extensive numerical testing results then demonstrate that the PAEDA outperforms the existing methods.