A practical assessment of risk-averse approaches in production lot-sizing problems

ABSTRACT

This paper presents an empirical assessment of four state-of-the-art risk-averse approaches to deal with the capacitated lot-sizing problem under stochastic demand. We analyse two mean-risk models based on the semideviation and on the conditional value-at-risk risk measures, and alternate first and second-order stochastic dominance approaches. The extensive computational experiments based on different instances characteristics and on a case-study suggest that CVaR exhibits a good trade-off between risk and performance, followed by the semideviation and first-order stochastic dominance approach. For all approaches, enforcing risk-aversion helps to reduce the cost-standard deviation substantially, which is usually accomplished via increasing production rates. Overall, we can say that very risk-averse decision-makers would be willing to pay an increased price to have a much less risky solution given by CVaR. In less risk-averse settings, though, semideviation and first-order stochastic dominance can be appealing alternatives to provide significantly more stable production planning costs with a marginal increase of the expected costs.     

Enhance cycling performance of LiMn2O4 cathode by Sr2+ and Cr3+ doping

Spinel LiSr_0·1Cr_0·1Mn_1·8O₄ was synthesised by high temperature solid state method in order to enhance the electrochemical performance. The LiSr_0·1Cr_0·1Mn_1·8O₄ (LSCMO) materials were characterised by X-ray diffraction (XRD), scanning electron microscopy (SEM) and electrochemical tests. The XRD and SEM studies confirm that LSCMO had spinel crystal structure with a space group of Fd3m, and the particle of LSCMO shows irregular shape. The cyclic voltammetry data illustrated that the heavy current charge–discharge performance of LMO was improved by Sr²⁺ and Cr³⁺ doping. The galvanostatic charge–discharge of LSCMO cathode materials was measured at 1, 5, 10 and 20 C. The results indicated that LSCMO improved the capacity retention.     

Effects of Undercooling and Transformation Time on Microstructure and Strength of Fe–C–Mn–Si Superbainitic Steel

Strength of Materials - A metallographic method, dilatometry, and X-ray diffraction were applied to investigate the effects of undercooling and holding time on bainitic transformation,...     

Distribution-free uncertainty quantification for kernel methods by gradient perturbations

Machine Learning - We propose a data-driven approach to quantify the uncertainty of models constructed by kernel methods. Our approach minimizes the needed distributional assumptions, hence,...