Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case
Selecting from a pool of interdependent projects under certainty, when faced with resource constraints, has been studied well in the literature of project selection problem. After briefly reviewing and discussing popular modeling approaches for dealing with uncertainty, this paper proposes an approa...
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2013-06-01
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Online Access: | http://www.growingscience.com/ijiec/Vol4/IJIEC_2013_14.pdf |
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doaj-c5a90d6f57a84d7bbf8b1cf7302ea1942020-11-25T00:53:09ZengGrowing ScienceInternational Journal of Industrial Engineering Computations1923-29261923-29342013-06-014337338610.5267/j.ijiec.2013.03.006Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case Reza Hosnavi AtashgahSiamak NooriBehnam Beheshti PourSelecting from a pool of interdependent projects under certainty, when faced with resource constraints, has been studied well in the literature of project selection problem. After briefly reviewing and discussing popular modeling approaches for dealing with uncertainty, this paper proposes an approach based on chance constrained programming and utility theory for a certain range of problems and under some practical assumptions. Expected Utility Programming, as the proposed modeling approach, will be compared with other well-known methods and its meaningfulness and usefulness will be illustrated via two numerical examples and one real case.http://www.growingscience.com/ijiec/Vol4/IJIEC_2013_14.pdfChance constrained programmingProject selectionUtility theory |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Reza Hosnavi Atashgah Siamak Noori Behnam Beheshti Pour |
spellingShingle |
Reza Hosnavi Atashgah Siamak Noori Behnam Beheshti Pour Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case International Journal of Industrial Engineering Computations Chance constrained programming Project selection Utility theory |
author_facet |
Reza Hosnavi Atashgah Siamak Noori Behnam Beheshti Pour |
author_sort |
Reza Hosnavi Atashgah |
title |
Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case |
title_short |
Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case |
title_full |
Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case |
title_fullStr |
Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case |
title_full_unstemmed |
Project selection problem under uncertainty: An application of utility theory and chance constrained programming to a real case |
title_sort |
project selection problem under uncertainty: an application of utility theory and chance constrained programming to a real case |
publisher |
Growing Science |
series |
International Journal of Industrial Engineering Computations |
issn |
1923-2926 1923-2934 |
publishDate |
2013-06-01 |
description |
Selecting from a pool of interdependent projects under certainty, when faced with resource constraints, has been studied well in the literature of project selection problem. After briefly reviewing and discussing popular modeling approaches for dealing with uncertainty, this paper proposes an approach based on chance constrained programming and utility theory for a certain range of problems and under some practical assumptions. Expected Utility Programming, as the proposed modeling approach, will be compared with other well-known methods and its meaningfulness and usefulness will be illustrated via two numerical examples and one real case. |
topic |
Chance constrained programming Project selection Utility theory |
url |
http://www.growingscience.com/ijiec/Vol4/IJIEC_2013_14.pdf |
work_keys_str_mv |
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