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On flexible dynamic strategies for long-term resource allocation problems in an uncertain environment

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2 Author(s)
Dong, C. ; Lab. d''Autom. et d''Anal. des Syst., Louvain Univ., Louvain-La-Neuve, Belgium ; Installe, M.

Long-term resource allocation problems may be regarded as multiperiod processes where the future decision environment is generally uncertain. The authors first propose a mathematically tractable measure of flexibility which is based on the size of the uncertain parameter space. Next, a two objective-maximization of the expected value of the system's performance and maximization of the flexibility level-optimization problem is solved to find a flexible initial decision. Finally, a production planning problem is discussed as an illustrative example

Published in:

Decision and Control, 1991., Proceedings of the 30th IEEE Conference on

Date of Conference:

11-13 Dec 1991