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

• Type: Article in International Scientific Journal
• Date: 2012

Authors

João Claro (Author) FEUP; Jorge P. Sousa (Author) FEUP

Journal

Title: Computers and Operations Research

Vol. 39 No. 4

Pages: 838-849

ISSN: 0305-0548

Publisher: Elsevier

Indexing

ISI Web of Knowledge - 11 Citations

ISI Web of Science

Scopus - 15 Citations

INSPEC

Scientific classification

FOS: Social sciences > Economics and Business

CORDIS: Physical sciences > Mathematics > Applied mathematics > Operations research ; Social sciences > Economics > Management studies > Production management

Other information

Authenticus ID: P-002-BYN

DOI: 10.1016/j.cor.2010.08.015

Abstract (EN): 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.

Language: English

Type (Professor's evaluation): Scientific

No. of pages: 12