A multiobjective metaheuristic for a mean-risk multistage capacity investment problem with process flexibility

In this paper, we propose a multiobjective local search metaheuristic for a mean-risk multistage capacity investment problem with process flexibility, irreversibility, lumpiness and economies of scale in capacity costs. In each period, discrete decisions concerning the investment in capacity expansi...

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Vydáno v:Computers & operations research Ročník 39; číslo 4; s. 838 - 849
Hlavní autoři: Claro, João, Pinho de Sousa, Jorge
Médium: Journal Article
Jazyk:angličtina
Vydáno: New York Elsevier Ltd 01.04.2012
Elsevier
Pergamon Press Inc
Témata:
Approximation
Computation
Decisions
Financing
Flexibility
Heuristic
Investment
Investment policy
Linear programming
Mean-risk
Multiobjective metaheuristics
Multistage
Multistage capacity investment
Process flexibility
Risk assessment
Stochastic integer programming
Studies
Utilization
Multistage capacity investment
Mean-risk
Process flexibility
Stochastic integer programming
Multiobjective metaheuristics
ISSN:0305-0548, 1873-765X, 0305-0548
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Shrnutí:In this paper, we propose a multiobjective local search metaheuristic for a mean-risk multistage capacity investment problem with process flexibility, irreversibility, lumpiness and economies of scale in capacity costs. In each period, discrete decisions concerning the investment in capacity expansion, and continuous decisions concerning the utilization of the available capacity to satisfy demand are considered. We solve the capacity utilization problems with linear programming, in order to find the minimum capacity for each resource with the other resources remaining unchanged, this way providing information on the feasibility of the discrete investment decisions. Conditional value-at-risk is considered as a risk measure. Results of a computational study are presented, that show the approach is capable of obtaining high-quality approximations to the efficient sets, with a modest computational effort.
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ISSN:0305-0548
1873-765X
0305-0548
DOI:10.1016/j.cor.2010.08.015