Stochastic modelling and optimisation of multi-plant capacity planning problem
by Anoop Verma; Nagesh Shukla; Satish Tyagi; Nishikant Mishra
International Journal of Intelligent Engineering Informatics (IJIEI), Vol. 2, No. 2/3, 2014

Abstract: In this paper, the problem of capacity planning under risk from demand and price/cost uncertainty of the finished products is addressed. The deterministic model is extended into a two-stage stochastic model with fixed recourse by means of various expected levels of demand as random. A recourse penalty is also included in the objective for both shortage and surplus in the finished products. The model is analysed to quantify the risk using Markowitz mean-variance model.

Online publication date: Sat, 20-Dec-2014

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