scholarly journals Conditional-Robust-Profit-Based Optimization Model for Electricity Retailers with Shiftable Demand

Energies ◽  
2020 ◽  
Vol 13 (6) ◽  
pp. 1308 ◽  
Author(s):  
Qi Zhang ◽  
Shaohua Zhang ◽  
Xian Wang ◽  
Xue Li ◽  
Lei Wu
Keyword(s):  
Decision Making ◽  
Optimization Model ◽  
Market Price ◽  
Electricity Consumption ◽  
Risk Averse ◽  
Wholesale Market ◽  
Trade Off ◽  
Incentive Strategies ◽  
Procurement Strategy

This paper investigates the problem of how to deploy customers’ shiftable load (SL) for electricity retailers’ risk management under uncertainty of the day-ahead (DA) wholesale market price. The robust profit (RP) and the conditional robust profit (CRP) are introduced for a risk-averse retailer’s risk-reward trade-off analysis in its decision-making of electricity procurement from various options. A CRP-based bi-level optimization model is proposed for the risk-averse retailer to determine its electricity procurement strategy taking into consideration customers’ shiftable load. In the upper problem, the retailer decides its electricity procurement from various options and the SL incentive prices to maximize its CRP under a given confidence level, and in the lower problem, the customers shift their load according to the SL incentive prices to minimize their comprehensive costs including the discomfort cost caused by rescheduling electricity consumption. Finally, a case study is used to verify the effectiveness of this model. It is shown that the retailer can achieve larger profit and less risk by utilizing customers’ SL and the retailer’s risk-aversion level has an important impact on its electricity procurement and SL incentive strategies.

Many-Attribute Decision Making Using Iterative Attribute Subsets

2016 ◽  
Author(s):  
Laura Ziegler ◽  
Kemper Lewis
Keyword(s):  
Decision Making ◽  
Large Scale ◽  
Design Space Exploration ◽  
Design Space ◽  
Space Exploration ◽  
Decision Problems ◽  
Trade Off ◽  
Current Design ◽  
Multi Attribute Decision Making

A unique set of cognitive and computational challenges arise in large-scale decision making, in relation to trade-off processing and design space exploration. While several multi-attribute decision making methods exist in the current design literature, many are insufficient or not fully explored for many-attribute decision problems of six or more attributes. To address this scaling in complexity, the methodology presented in this paper strategically elicits preferences over iterative attribute subsets while leveraging principles of the Hypothetical Equivalents and Inequivalents Method (HEIM). A case study demonstrates the effectiveness of the approach in the construction of a systematic representation of preferences and the convergence to a single ‘best’ alternative.

Research on Optimization Model and Generation Coal-Saving Effect of Tiered Pricing of Household Electricity Structures

2013 ◽  
Vol 389 ◽  
pp. 126-130
Author(s):  
Hui Juan Zhang ◽  
Zhong Fu Tan ◽  
Hui Xu ◽  
He Yin
Keyword(s):  
Optimization Model ◽  
Electricity Consumption ◽  
On Demand ◽  
Tiered Pricing ◽  
Long Time ◽  
Resources Conservation ◽  
Saving Effect ◽  
Cross Subsidization ◽  
Demand Side Response

For a long time, there is serious cross-subsidization among the power sales prices in China, and tiered pricing of household electricity is a new price measure for power consumption equity, resources utilization rationality and then achieving resources conservation and environmental protection. Based on demand side response theory, the optimization model of tiered pricing of household electricity with objective function of minimum household electricity consumption was built, and the coal-saving effect of tiered pricing was studied. The results of case study indicate that energy and coal saving effect of tiered pricing is remarkable.

scholarly journals Agricultural Model for Allocation of Crops Using Pollination Intelligence Method

2020 ◽  
Vol 2020 ◽  
pp. 1-6 ◽  
Author(s):  
C. N. Ejieji ◽  
A. E. Akinsunmade
Keyword(s):  
Decision Making ◽  
Iterative Scheme ◽  
Market Price ◽  
New Class ◽  
Intelligence Algorithm ◽  
Land Using

An agricultural model for allocation of crops is considered in this work using Pollination Intelligence Method. The model was constructed to solve farmer’s decision making in allocating crops to a piece of land using market price, known yield of crops, cost incurred during planting, and the total amount of land available. A new class of metaheuristic method called Flower Pollinated Algorithm is also presented in this work to solve the designed model. An improved version of the Flower Pollinated Algorithm called Pollination Intelligence Algorithm using an iterative scheme to override the switch parameter in Flower Pollinated Algorithm is also presented and used in solving the designed model. A case study of a farmer in Ife, Osun State, Nigeria, was used to implement the model, and the results obtained suggested that instead of allocating crops to land randomly based on farmer’s intuition, cost of planting, yield of crops, and market price were factors that must be considered by farmers for optimal profit before planting crops.

scholarly journals Reliability Implementation and Cost Trade-off of Product during the Development Process

2018 ◽  
Vol 221 ◽  
pp. 02003
Author(s):  
Wei Wang ◽  
Yuan Li ◽  
Qi Zhang ◽  
Weijia Feng ◽  
Huichao Liu ◽  
...  
Keyword(s):  
Decision Making ◽  
Product Development ◽  
Optimization Model ◽  
Development Process ◽  
Decision Makers ◽  
Product Development Process ◽  
Optimal Parameters ◽  
Trade Off ◽  
Work Input ◽  
Environmental Adaptability

Modern product needs to meet the reliability requirements during the development process. The reliability in this paper refers to an integral view of a product’s reliability, maintainability, supportability, testability, safety and environmental adaptability. However, during the product development process, the two problems are how to evaluate the implementation and how to determine the work input costs of reliability. This paper proposes a method to evaluate the degree of reliability implementation. And it researches the schemes and targets decision-making method based on trade-off analysis. Through establishing and solving trade-off optimization model, the results can help decision makers find the optimal parameters program and cost goals.

Including decision-makers preferences in the cost-deprivation trade-off during disaster interventions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Florian Diehlmann ◽  
Patrick Siegfried Hiemsch ◽  
Marcus Wiens ◽  
Markus Lüttenberg ◽  
Frank Schultmann
Keyword(s):  
Decision Making ◽  
Humanitarian Logistics ◽  
Decision Makers ◽  
Weighted Sum ◽  
Trade Off ◽  
Content Type ◽  
Multi Objective ◽  
Conflicting Objectives ◽  
The Cost

Purpose In this contribution, the purpose of this study is to extend the established social cost concept of humanitarian logistics into a preference-based bi-objective approach. The novel concept offers an efficient, robust and transparent way to consider the decision-maker’s preference. In principle, the proposed method applies to any multi-objective decision and is especially suitable for decisions with conflicting objectives and asymmetric impact. Design/methodology/approach The authors bypass the shortcomings of the traditional approach by introducing a normalized weighted sum approach. Within this approach, logistics and deprivation costs are normalized with the help of Nadir and Utopia points. The weighting factor represents the preference of a decision-maker toward emphasizing the reduction of one cost component. The authors apply the approach to a case study for hypothetical water contamination in the city of Berlin, in which authorities select distribution center (DiC) locations to supply water to beneficiaries. Findings The results of the case study highlight that the decisions generated by the approach are more consistent with the decision-makers preferences while enabling higher efficiency gains. Furthermore, it is possible to identify robust solutions, i.e. DiCs opened in each scenario. These locations can be the focal point of interest during disaster preparedness. Moreover, the introduced approach increases the transparency of the decision by highlighting the cost-deprivation trade-off, together with the Pareto-front. Practical implications For practical users, such as disaster control and civil protection authorities, this approach provides a transparent focus on the trade-off of their decision objectives. The case study highlights that it proves to be a powerful concept for multi-objective decisions in the domain of humanitarian logistics and for collaborative decision-making. Originality/value To the best of the knowledge, the present study is the first to include preferences in the cost-deprivation trade-off. Moreover, it highlights the promising option to use a weighted-sum approach to understand the decisions affected by this trade-off better and thereby, increase the transparency and quality of decision-making in disasters.

scholarly journals A Multi-Objective Decision-Making Framework for Transportation Investments

2010 ◽  
Author(s):  
Mashrur Chowdhury ◽  
Pulin Tan
Keyword(s):  
Decision Making ◽  
Decision Problem ◽  
Discrete Problem ◽  
Multi Objective Optimization ◽  
Trade Off ◽  
Multi Objective ◽  
Transportation Investment ◽  
Continuous Problems ◽  
Decision Making Framework

This paper presents a framework based on multi-objective optimization that can be used to generate and analyze the most desirable transportation investment options based on their objectives and constraints. The framework, which is based on the surrogate worth trade-off analysis, could be applied to both discrete or continuous decision-problem scenarios. In a discrete problem, a pre-defined set of alternatives is available, whereas continuous problems are not characterized by a pre-defined set of alternatives. This framework was applied with the data generated for a Capital Beltway Corridor investment study. The multi-objective decision-making framework was found to be adaptable to this typical investment case study.

scholarly journals Strategic, Tactical and Operational Decisions in Family Businesses: A Qualitative Case Study

2020 ◽  
Author(s):  
Ravindra Kuruppuge ◽  
Ales Gregar
Keyword(s):  
Decision Making ◽  
Family Firms ◽  
Qualitative Case Study ◽  
Family Members ◽  
Family Businesses ◽  
Decision Making Process ◽  
Risk Averse ◽  
Business Decisions ◽  
Case Study Methods

Previous studies of family businesses have no common agreement on what should be the most effective and efficient approach for making decisions at different managerial levels to solve business issues. Accordingly, the main objective of this study was to understand the nature of decision-making by family members who are involved in a business in different capacities such as owners, owner managers, and managers. Locating the research in the interpretivist paradigm, and utilizing qualitative case study methods (Yin, 1994), we interviewed 24 respondents from 12 well-known family firms from different districts in Sri Lanka. Thematic analysis indicated that the consultative approach is mostly used by family members in operational, functional, and top level management decisions. Yet, family members’ decisions in the business as owners, owner-managers, and managers have not shown a common decision-making process. Owner-managers’ roles in the business decisions are highlighted as they make rational, risk averse, and deliberate business decisions which would assist to run the business. In comparison, owners and managers have followed the consultative decision-making approach to shape business decisions in line with family requirements.

scholarly journals Multi-criteria optimization for a cost-effective design of an RFID-based meat supply chain

2017 ◽  
Vol 119 (3) ◽  
pp. 676-689 ◽  
Author(s):  
Ahmed Mohammed ◽  
Qian Wang
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Customer Satisfaction ◽  
Product Quality ◽  
Optimization Model ◽  
Meat Products ◽  
Cost Effective ◽  
Implementation Cost ◽  
Trade Off ◽  
Content Type

Purpose In this paper, the authors investigated a proposed radio-frequency identification (RFID)-based meat supply chain to monitor quality and safety of meat products we purchase from supermarkets. The supply chain consists of farms, abattoirs and retailers. The purpose of this paper is to determine a cost-effective trade-off decision obtained from a developed multi-criteria optimization model based on three objectives. These objectives include customer satisfaction in percentage of product quantity as requested by customers, product quality in numbers of meat products and the total implementation cost. Furthermore, this work was aimed at determining the number and locations of farms and abattoirs that should be established and quantities of products that need to be transported between entities of the proposed supply chain. Design/methodology/approach To this aim, a tri-criteria optimization model was developed. The considered criteria were used for minimizing the total implementation cost and maximizing customer satisfaction and product quality. In order to obtain Pareto solutions based on the developed model, four solution approaches were employed. Subsequently, a new decision-making algorithm was developed to select the superior solution approach in terms of values of the three criteria. Findings A case study was applied to examine the applicability of the developed model and the performance of the proposed solution approaches. The computational results proved the applicability of the developed model in obtaining a trade-off among the considered criteria and solving the RFID-based meat supply chain design problem. Practical implications The developed tri-criteria optimization model can be used by decision makers as an aid to design and optimize food supply chains. Originality/value This paper presents a development of first, a cost-effective optimization approach for a proposed RFID-based meat supply chain seeking a trade-off among three conflicting criteria; and second, a new decision-making algorithm which can be used for any multi-criteria problem to select the best Pareto solution.

scholarly journals Online Dispatch of Shared Energy Storage with Remote Renewable Generations

2021 ◽  
Vol 293 ◽  
pp. 02062
Author(s):  
Shenghe Wang ◽  
Jinzhong Li ◽  
Yuguang Xie ◽  
Jiayu Bai ◽  
Bo Gao ◽  
...  
Keyword(s):  
Decision Making ◽  
Energy Storage ◽  
Optimization Model ◽  
Energy Crisis ◽  
Decision Making Process ◽  
Finite Capacity ◽  
Wait And See ◽  
Temporal And Spatial ◽  
Equipment Utilization

The sustained penetration of wind and solar generation is conducive to alleviating the energy crisis and environmental pollution. However, the finite capacity of transmission corridor limits the delivery of remote renewables and leads to curtailment. Energy storage plays an important role in renewables accommodation and improving equipment utilization, and shared energy storage can magnify the benefits through a temporal and spatial complementary. This paper proposes an online dispatch approach of energy storage shared by multiple renewable plants. The uncertainty and non-anticipativity issue are addressed via a two-stage decision-making process. The day-ahead scheduling determines the allowable energy and power levels of shared energy storage; the real-time online dispatch decides the wait-and-see strategies of charging and discharging power based on a single-period optimization model constrained by the pre-scheduled bounds. The case study verifies the effectiveness of the proposed method.

Sign in / Sign up

Export Citation Format

Share Document