Centre for Operational Research and Logistics
Events and Seminars
Exploring Decision Maker Preferences for Solving Stochastic Multiobjective Programming Problems
Solving Stochastic Multiobjective Problems (SMP) involves always transforming each stochastic objective of the problem into a deterministic one. This transformation is carried out by using some statistical characteristic of the random variables involved in the problem (expected value, variance, quantiles, etc.). The direct application of the Goal Programming approach for solving SMP problems requires a process in which the Decision Maker (DM) has to: (a) choose a statistical feature for each stochastic objective to transform it into its deterministic equivalent function; and (b) set an aspiration level for each statistical feature. We will analyse different concepts of satisfactory solutions for SMP problems by applying two basic criteria in the transformation of the stochastic objectives into their deterministic equivalent functions: expected value-standard deviation and probabilistic goals. Each concept includes specific statistical features of the objectives, and thus, this range of concepts allows the generation of different sets of satisfactory solutions for each problem. We will characterize and relate these sets of solutions. In addition, these results can be applied a priori to explore the DM’s preferences regarding the type of random variable desired using a step by step procedure to exchange information between the analyst and DM prior to solving the problem. Thus, the DM will be able to choose the transformation criterion for each stochastic objective and the aspiration level.
Biography: María M. Muñoz is a lecturer in the Department of Applied Economy (Mathematics), and Vice-Dean of Research and External Relations of the Faculty of Commerce and Management, University of Málaga, Spain. Her main research interest lies in the field of Operational Research and Decision Analysis. This includes Multiple Criteria Decision-Analysis and Stochastic Programming. She holds a PhD and MSc from Univ. Complutense of Madrid, Spain. She has published several refereed papers in professional journals and international conferences proceedings.
María M. Muñoz, Department of Applied Economy (Mathematics)
Lion Gate Building, LG 2.01
Date and Time
Thu, 04 June 2015, 13:00 - 14:00 (BST)
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