An increasing concern of decision makers when dealing with system design is preparation for a wide range of potentially uncertain operating conditions. This paper provides a novel multiobjective approach for simulation-driven decision making that accounts for not only the conventional average system performance indices, but also (i) upper-tail, or extreme, values of these indices, and (ii) meas...

While the auxiliary services required for the operation of power plants are not the main components of the plant, their energy consumption is often significant, and it can be reduced by implementing a series of improvement strategies. However, the cost of implementing these changes can be very high, and has to be evaluated. Indeed, a further economic analysis should be considered in order to ma...

Genetic algorithms (GAs) are global, parallel, stochastic search methods, founded on Darwinian evolutionary principles. Many variations exist, including genetic programming and multiobjective algorithms. During the last decade GAs have been applied in a variety of areas, with varying degrees of success within each. A significant contribution has been made within control systems engineering. GAs...

Genetic algorithms (GAs) are global, parallel, stochastic search methods, founded on Darwinian evolutionary principles. Many variations exist, including genetic programming and multiobjective algorithms. During the last decade GAs have been applied in a variety of areas, with varying degrees of success within each. A significant contribution has been made within control systems engineering. GAs...

In this paper a fuzzy goal programming technique is presented to solve multiobjective decision making problems in a probabilistic decision making environment where the right sided parameters associated with the system constraints are exponentially distributed fuzzy random variables. In model formulation of the problem, the fuzzy chance constrained programming problem is converted into a fuzzy p...

Multiobjective portfolio optimization problem is the portfolio process of the highest expected return among the various financial commodities of the capital market to meet the expected return objectives. And one of the most important and common management issues lies in determining the best portfolio out of a given set of investment proposals. As we know, modern portfolio theory provides a well...

We present a method to capture decision maker’s preferences in multiobjective problems and we discuss its use as a base for a decision maker – multiobjective optimization model interface. We illustrate the idea on a small but illustrative numerical example of the airport gate assignment problem.

This article reviews the characteristics of the model selection problem for simulation software or analyses and presents a multiobjective decision analysis approach for model selection that addresses these characteristics. The approach is illustrated with an application to selecting a modeling approach for simulating transport agents. The authors discovered that using multiobjective decision an...

M. Janga Reddy Department of Civil Engineering, Indian Institute of Technology Bombay, Mumbai 400076, India D. Nagesh Kumar (corresponding author) Department of Civil Engineering, Indian Institute of Science, Bangalore 560012, India E-mail: [email protected] Optimal allocation of water resources for various stakeholders often involves considerable complexity with several conflicting go...

Portfolio optimization is a problem that lends itself naturally to multiobjective approaches, e.g., aimed to maximize the return of the investment, simultaneously minimizing the risk. The selection of an actual portfolio requires exercising a decision-making process on the set of efficient solutions thus obtained. In this work we consider the case in which knowledge of this selection criterion ...