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Robust Discrete Optimization and Its Applications (Hardcover, 1997 ed.)
Loot Price: R8,501
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Robust Discrete Optimization and Its Applications (Hardcover, 1997 ed.)
Series: Nonconvex Optimization and Its Applications, 14
Expected to ship within 10 - 15 working days
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This book deals with decision making in environments of significant
data un certainty, with particular emphasis on operations and
production management applications. For such environments, we
suggest the use of the robustness ap proach to decision making,
which assumes inadequate knowledge of the decision maker about the
random state of nature and develops a decision that hedges against
the worst contingency that may arise. The main motivating factors
for a decision maker to use the robustness approach are: * It does
not ignore uncertainty and takes a proactive step in response to
the fact that forecasted values of uncertain parameters will not
occur in most environments; * It applies to decisions of unique,
non-repetitive nature, which are common in many fast and
dynamically changing environments; * It accounts for the risk
averse nature of decision makers; and * It recognizes that even
though decision environments are fraught with data uncertainties,
decisions are evaluated ex post with the realized data. For all of
the above reasons, robust decisions are dear to the heart of opera
tional decision makers. This book takes a giant first step in
presenting decision support tools and solution methods for
generating robust decisions in a variety of interesting application
environments. Robust Discrete Optimization is a comprehensive
mathematical programming framework for robust decision making.
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