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

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

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Article ID: iaor20118134
Volume: 39
Issue: 4
Start Page Number: 838
End Page Number: 849
Publication Date: Apr 2012
Journal: Computers and Operations Research
Authors: ,
Keywords: heuristics, programming: multiple criteria, heuristics: local search
Abstract:

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.

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