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Minimizing the Expected Renewable Resource Costs in a Project with Stochastic Resource Availability

Author

Listed:
  • Hossein Moghaddaszadeh

    (Department of Industrial Engineering, Faculty of Engineering, Ferdowsi, University of Mashhad, Iran)

  • Mohammad Ranjbar

    (Department of Industrial Engineering, Faculty of Engineering, Ferdowsi, University of Mashhad, Iran)

  • Negin Jamili

    (Rotterdam School of Management, Erasmus University, Netherlands)

Abstract

In this paper, we study the well-known resource availability cost problem with stochastic resource availability. The objective is to determine the initial levels of all renewable resources and establish a schedule corresponding to each scenario such that the expected resource availability cost is minimized. We assume that resource shortfalls can be compensated externally but at a noticeable higher cost. We formulate the problem as a two-stage stochastic programming model (TSSPM). We also develop an exact decomposition-based algorithm (DBA) for the particular case of the problem with at most two resources, which also functions as a heuristic for the original problem. Since the number of scenarios influences the performance of the developed solution approaches, we utilize a fast scenario reduction method to reduce the number of scenarios. Computational results indicate that the DBA outperforms the TSSPM formulation in solution quality and CPU runtime.

Suggested Citation

  • Hossein Moghaddaszadeh & Mohammad Ranjbar & Negin Jamili, 2024. "Minimizing the Expected Renewable Resource Costs in a Project with Stochastic Resource Availability," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 41(01), pages 1-29, February.
    • Handle: RePEc:wsi:apjorx:v:41:y:2024:i:01:n:s0217595923500082
    DOI: 10.1142/S0217595923500082
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