Flexible contingency plans in optimal linear designs

  • Authors:
  • Yong Shi;Dazhi Zhang

  • Affiliations:
  • College of Business Administration University of Nebraska at Omaha, Omaha, NE 68182, USA;Hagan School of Business Iona College, New Rochelle, NY 10801, USA

  • Venue:
  • Mathematical and Computer Modelling: An International Journal
  • Year:
  • 1993

Quantified Score

Hi-index 0.98

Visualization

Abstract

Traditionally, optimal designing is defined as the applied science of finding the ''best feasible rational'' design by using optimization techniques. But this definition does not explicitly deal with optimal design problems with multiple objectives and multiple resource availability levels. This paper redefines the optimal design problems by considering how to design optimal configurations (systems) and how to construct the related optimal contingency plans to cope with various decision situations, such as the changes of the contribution parameter and the resource parameter. For a given linear design problem with multi-objective functions and multi-resource availability levels, this paper elaborates how to locate all potentially optimal configurations and construct the flexible contingency plans for each of the configurations. In constructing the flexible contingency plans, not only are the selected design variables involved in a potentially optimal configuration used, but also all possible slack variables, which allow flexibility to utilize the slack resources. Based on theoretical results, an algorithm of effectively and systematically locating all potentially optimal configurations and the corresponding optimal flexible contingency plans under various decision situations is also provided.