Combining Optimization and Multi-Criteria Decision Analysis in A Multi-Method Framework with Application in Asset Planning
Asset plan is a tactical plan for managing an organization’s infrastructure and other assets to deliver an agreed standard of service that aligns with the corporate goals. The assets can be both tangible assets (such as buildings) and intangible assets (such as human capital, intellectual property, goodwill, and financial assets). Current researches on asset handling emphasize on multi-objective optimization even though they are unable to address decision making process including the non-dominant set of solutions. A multi-method framework combining multi-objective optimization and multi-criteria decision analysis (MCDA) needs to be proposed to resolve this issue. Initially, the asset planning problem should be formulated as a multi-objective optimization problem with an objective to minimize risk, maintenance cost, operation cost while maximizing short term return, long term return, annual dividend and liquidity which will be derived along with a mathematical representation for optimization. All parameters can be studied and segregated into deterministic and stochastic, and uncertainty is dealt with incorporating fuzzy membership functions. Few advanced heuristic optimization algorithms (i.e., Genetic Algorithm, Particle Swarm Optimization, etc.) should be considered to coordinate with the model. After solving the problem with optimization tools, Fuzzy TOPSIS and level diagram can used to analyse multi criteria decisions. The proposed multi-method framework can be a useful tool to analyse similar future problems regarding asset planning where MCDA is necessary after multi-objective optimization and anticipate better decisions making capability.
Optimization Models, MCDA/MCDM, Heuristic Algorithms, Framework, Asset Planning
Asset planning needs to balance cost, performance, and risk by planning integrated capital, operation, and maintenance planning. Hence, the planning requires optimizing its variable to have the greatest return, on the other hand, the MCDA technique is required to balance between criteria so that corporate goal can be met. The goal of this research work is to develop a multi-mode framework that will combine optimization and multi criteria decision analysis to obtain better results from asset planning.
The specific objectives of this research work are as follows:
- To develop a new multi-mode framework combining optimization and multi criteria decision analysis.
- To propose two new potential heuristics algorithms like Genetic Algorithm & Particle Swarm Optimization techniques for successful integration
- To apply the framework and heuristic techniques in asset planning
- To give annotations about how to tackle uncertainties or imprecise data with some auspicious fuzzy membership functions or fuzzy logic
- Finally, to compare the results drawn from two heuristic approaches mentioning different attributes & to evaluate the best one for asset planning
Contact Dr. Ripon Chakrabortty for further information. Each potential student need to write a research proposal highlighting research motivation, research problems, research objectives, brief review of the most relevant literature, proposed methodology and expected outcome. For further communication e-mail me: