On flexible dynamic strategies for long-term resource allocation problems in an uncertain environment
(1991) Proceedings of the 30th IEEE Conference on Decision and Control (Cat. No.91CH3076-7) — Location: Brighton, UK (11.December.1991)
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- Abstract
- 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.
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Dong, C., & Installe, M. (1991). On flexible dynamic strategies for long-term resource allocation problems in an uncertain environment. Proceedings of the 30th IEEE Conference on Decision and Control (Cat.No.91CH3076-7), Vol. 2, p. 1836-7. https://doi.org/10.1109/CDC.1991.261729