Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 6 of 6
Full-Text Articles in Business
Smart Heuristics For Individuals, Teams, And Organizations, Gerd Gigerenzer, Jochen Reb, Shenghua Luan
Smart Heuristics For Individuals, Teams, And Organizations, Gerd Gigerenzer, Jochen Reb, Shenghua Luan
Research Collection Lee Kong Chian School Of Business
Heuristics are fast, frugal, and accurate strategies that enable rather than limit decision making under uncertainty. Uncertainty, as opposed to calculable risk, is characteristic of most organizational contexts. We review existing research and offer a descriptive and prescriptive theoretical framework to integrate the current patchwork of heuristics scattered across various areas of organizational studies. Research on the adaptive toolbox is descriptive, identifying the repertoire of heuristics on which individuals, teams, and organizations rely. Research on ecological rationality is prescriptive, specifying the conditions under which a given heuristic performs well, that is, when it is smart. Our review finds a relatively …
Period Decompositions For The Capacitated Lot Size Problem With Setup Times, Silvio Alexandre De Araujo, Bert De Reyck, Zeger Degraeve, Ioannis Fragkos, Raf Jans
Period Decompositions For The Capacitated Lot Size Problem With Setup Times, Silvio Alexandre De Araujo, Bert De Reyck, Zeger Degraeve, Ioannis Fragkos, Raf Jans
Research Collection Lee Kong Chian School Of Business
We study the multi-item capacitated lot sizing problem with setup times. Based on two strong reformulations of the problem, we present a transformed reformulation and valid inequalities that speed up column generation and Lagrange relaxation. We demonstrate computationally how both ideas enhance the performance of our algorithm and show theoretically how they are related to dual space reduction techniques. We compare several solution methods and propose a new efficient hybrid scheme that combines column generation and Lagrange relaxation in a novel way. Computational experiments show that the proposed solution method for finding lower bounds is competitive with textbook approaches and …
A Multiechelon Inventory Problem With Secondary Market Sales, Alexandar Angelus
A Multiechelon Inventory Problem With Secondary Market Sales, Alexandar Angelus
Research Collection Lee Kong Chian School Of Business
We consider a finite-horizon, multiechelon inventory system in which the surplus of stock can be sold (i.e., disposed) in the secondary markets at each stage in the system. What are called nested echelon order-up-to policies are shown to be optimal for jointly managing inventory replenishments and secondary market sales. Under a general restriction on model parameters, we establish that it is optimal not to both sell off excess stock and replenish inventory. Secondary market sales complicate the structure of the system, so that the classical Clark and Scarf echelon reformulation no longer allows for the decomposition of the objective function …
A Hybrid Scatter Search/Electromagnetism Meta-Heuristic For Project Scheduling, Dieter Debels, Bert De Reyck, Roel Leus, Mario Vanhoucke
A Hybrid Scatter Search/Electromagnetism Meta-Heuristic For Project Scheduling, Dieter Debels, Bert De Reyck, Roel Leus, Mario Vanhoucke
Research Collection Lee Kong Chian School Of Business
In the last few decades, several effective algorithms for solving the resource-constrained project scheduling problem have been proposed. However, the challenging nature of this problem, summarised in its strongly NP-hard status, restricts the effectiveness of exact optimisation to relatively small instances. In this paper, we present a new meta-heuristic for this problem, able to provide near-optimal heuristic solutions for relatively large instances. The procedure combines elements from scatter search, a generic population-based evolutionary search method, and from a recently introduced heuristic method for the optimisation of unconstrained continuous functions based on an analogy with electromagnetism theory. We present computational …
Solving The Pickup And Delivery Problem With Time Windows Using "Squeaky Wheel" Optimization With Local Search, Hongping Lim, Andrew Lim, Brian Rodrigues
Solving The Pickup And Delivery Problem With Time Windows Using "Squeaky Wheel" Optimization With Local Search, Hongping Lim, Andrew Lim, Brian Rodrigues
Research Collection Lee Kong Chian School Of Business
The Pickup and Delivery Problem with Time Windows (PDPTW) is an important problem in fleet planning where decisions can involve not only dispatching company fleets but also the selection of carriers on certain routes. In this problem, vehicles travel to a variety of locations to deliver or pick up goods and to provide services. The increasing costs for additional vehicles motivate managers to optimize fleet usage. Managers also seek to achieve economical use of fuel, maintenance and overtime costs by minimizing travel distance and duration. As such, PDPTW impacts the interface of supplier-customer relationship management in the supply chain process …
The Multi– Mode Resource– Constrained Project Scheduling Problem With Generalized Precedence Relations, Bert De Reyck, Willy Herroelen
The Multi– Mode Resource– Constrained Project Scheduling Problem With Generalized Precedence Relations, Bert De Reyck, Willy Herroelen
Research Collection Lee Kong Chian School Of Business
In this paper, we tackle the challenging problem of scheduling activities to minimize the project duration, in which the activities (a) are subject to generalized precedence relations, (b) require units of multiple renewable, non-renewable and doubly constrained resources for which a limited availability is imposed, and (c) can be performed in one of several different ways, reflected in multiple activity scenarios or modes. These multiple modes give rise to several kinds of tradeoffs (time/resource, time/cost and resource/resource trade-offs) which allow for a more effcient allocation and use of resources. We present a local search-based solution methodology which is able to …