Name
Abstract | ||
|---|---|---|
We propose a class of functions, called multiple objective satisficing MOS criteria, for evaluating the level of compliance of a set of objectives in meeting their targets collectively under uncertainty. The MOS criteria include the joint targets' achievement probability joint success probability criterion as a special case and also extend to situations when the probability distributions are not fully characterized. We focus on a class of MOS criteria that favors diversification, which has the potential to mitigate severe shortfalls in scenarios when any objective fails to achieve its target. Naturally, this class excludes joint success probability. We further propose the shortfall-aware MOS criterion S-MOS, which is inspired by the probability measure and is diversification favoring. We also show how to build tractable approximations of the S-MOS criterion. Because the S-MOS criterion maximization is not a convex optimization problem, we propose improvement algorithms via solving sequences of convex optimization problems. We report encouraging computational results on a blending problem in meeting specification targets even in the absence of full probability distribution description. |
Year | DOI | Venue |
|---|---|---|
2013 | 10.1287/opre.1120.1132 | Operations Research |
Keywords | Field | DocType |
full probability distribution description,mos criterion,s-mos criterion,s-mos criterion maximization,joint success probability,probability criterion,convex optimization problem,probability measure,achievement probability joint success,probability distribution,satisficing,robust optimization | Mathematical optimization,Satisficing,Robust optimization,Probability measure,Probability distribution,Diversification (marketing strategy),Convex optimization,Mathematics,Maximization,Operations management,Special case | Journal |
Volume | Issue | ISSN |
61 | 1 | 0030-364X |
Citations | PageRank | References |
2 | 0.41 | 22 |
Authors | ||
4 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Shao-Wei Lam | 1 | 3 | 1.12 |
| Tsan-Sheng Ng | 2 | 50 | 8.26 |
| Melvyn Sim | 3 | 1909 | 117.68 |
| Jin-Hwa Song | 4 | 178 | 9.48 |