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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| Published in: | Computers & operations research Vol. 39; no. 4; pp. 838 - 849 |
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| Language: | English |
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01.04.2012
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| ISSN: | 0305-0548, 1873-765X, 0305-0548 |
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| Abstract | 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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| AbstractList | 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. 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. [PUBLICATION ABSTRACT] |
| Author | Claro, João Pinho de Sousa, Jorge |
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| Cites_doi | 10.1287/mnsc.40.7.933 10.1108/01443570010301056 10.1080/00137910590949887 10.1287/mnsc.44.8.1071 10.1287/msom.1040.0063 10.1287/opre.51.3.461.14960 10.1016/S0305-0548(00)00076-9 10.1007/BF00186471 10.1016/S0378-4266(02)00271-6 10.1080/002075498193183 10.1023/A:1023062915106 10.1287/mnsc.36.4.449 10.1287/opre.37.4.517 10.1016/j.ijpe.2006.08.002 10.2469/faj.v52.n6.2039 10.1007/s10732-008-9090-2 10.1007/BF01474748 10.1287/opre.1080.0623 10.1287/msom.5.4.269.24882 10.1287/opre.42.5.958 10.1287/mnsc.1070.0700 10.21314/JOR.2000.038 |
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| Keywords | Multistage capacity investment Mean-risk Process flexibility Stochastic integer programming Multiobjective metaheuristics |
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| SubjectTerms | 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 |
| Title | A multiobjective metaheuristic for a mean-risk multistage capacity investment problem with process flexibility |
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