Author: Metin ÇakanyildirimPublisher:
ISBN:
Category :
Languages : en
Pages : 322
Book Description
Capacity Expansion Under Uncertain Demeand Forecasts
Author: Metin ÇakanyildirimSize and Timing for Capacity Expansion Under Demand Uncertainty
Author: Már KarlssonPublisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 80
Book Description
Capacity Expansion Under a Service Level Constraint for Uncertain Demand with Lead Times
Author: Rahul Ratnakar MarathePublisher:
ISBN:
Category :
Languages : en
Pages : 278
Book Description
For a service provider, stochastic demand growth along with expansion lead times and economies of scale may complicate a capacity planning problem. We consider a service provider who has to maintain certain minimum level of service and is interested in knowing the optimal timings and sizes of the future capacity expansions. This service level is defined in terms of unsatisfied demand over an expansion cycle. Under this service level constraint, the service provider wants to minimize the infinite time horizon cost of expansion. We assume a stationary policy where the timing and the sizes of the expansions are determined as fixed proportions of the capacity position, where the capacity position is the capacity that will be available when the current expansion is completed. We assume that the demand for the capacity follows a geometric Brownian motion (GBM) process. We discuss a method to check the GBM process fit for any data series representing the demand values and find that the data for electric utility consumption in the US, and the airline passenger enplanement data over a period of 15 years satisfy the assumptions of a GBM process. Using properties of the demand process, we can use financial option pricing theory to express the service level in terms of the decision variables. Particularly, we use the Up-and-Out partial barrier call option price expression to formulate the service level constraint. We use cutting plane algorithm to solve the optimization problem. Numerical optimization shows that it could be optimal to accumulate initial shortage before initiating the next capacity expansions for a low growth; low volatility demand and also when the expansion lead times are shorter. However, when the demand grows at a high rate or is more volatile, it is optimal to start the next expansion project before the demand reaches the current capacity position.
Competitive Capacity Expansion Under Demand Uncertainty
Author: Bashyam T. C. A.Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 164
Book Description
Introduction to Optimization-Based Decision-Making
Author: Joao Luis de MirandaPublisher: CRC Press
ISBN: 1351778722
Category : Business & Economics
Languages : en
Pages : 263
Book Description
The large and complex challenges the world is facing, the growing prevalence of huge data sets, and the new and developing ways for addressing them (artificial intelligence, data science, machine learning, etc.), means it is increasingly vital that academics and professionals from across disciplines have a basic understanding of the mathematical underpinnings of effective, optimized decision-making. Without it, decision makers risk being overtaken by those who better understand the models and methods, that can best inform strategic and tactical decisions. Introduction to Optimization-Based Decision-Making provides an elementary and self-contained introduction to the basic concepts involved in making decisions in an optimization-based environment. The mathematical level of the text is directed to the post-secondary reader, or university students in the initial years. The prerequisites are therefore minimal, and necessary mathematical tools are provided as needed. This lean approach is complemented with a problem-based orientation and a methodology of generalization/reduction. In this way, the book can be useful for students from STEM fields, economics and enterprise sciences, social sciences and humanities, as well as for the general reader interested in multi/trans-disciplinary approaches. Features Collects and discusses the ideas underpinning decision-making through optimization tools in a simple and straightforward manner Suitable for an undergraduate course in optimization-based decision-making, or as a supplementary resource for courses in operations research and management science Self-contained coverage of traditional and more modern optimization models, while not requiring a previous background in decision theory
Energy Abstracts for Policy Analysis
Author: Urban Transportation and Logistics
Author: Eiichi TaniguchiPublisher: CRC Press
ISBN: 148220911X
Category : Business & Economics
Languages : en
Pages : 284
Book Description
Although society has become increasingly dependent on the timely operation of logistics systems, we still face many problems regarding efficiency, the environment, energy consumption, and safety in urban transport and logistics under normal cases and in disasters. As such, understanding how to address these challenges has become essential for creat
Energy Research Abstracts
Author: EPA-600/9
Author: Managerial Economics
Author: M. J. AlhabeebPublisher: John Wiley & Sons
ISBN: 1118458591
Category : Business & Economics
Languages : en
Pages : 585
Book Description
Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: • An emphasis on practical application through real-life examples and problems • An accessible writing style that presents technical theories in a user-friendly way • A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions • Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.