Planning under uncertainty is a common class of problems found in process systems engineering. Some examples widely found in the literature are capacity expansion, scheduling, supply chain management, resource allocation, transportation, unit commitment and product design problems. The industrial importance of planning process capacity expansions under uncertainty has been widely recognized and discussed by several researchers. This effort has been mainly driven by increasing competition and the need for developing new markets. In the majority of industrial applications, capacity expansion plans require considerable amount of capital investment over a long-range time horizon. Moreover, the inherent level of uncertainty in forecasted demands, availabilities, prices, technology, capital, markets and competition make these decisions very challenging and complex. We have started to develop:
A new methodology to reduce risk in the planning stages of any design. It even applies to portfolio optimization.
Procedures to manage risk in scheduling problems in batch and continuous plants, especially refineries.
Risk Analysis in Supply Chain Operations
Contact me for access to all published work