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.     

Correlation between instrumental texture and colour quality attributes with sensory analysis of selected cheeses as affected by fat contents

This study evaluated several physical and sensory parameters of different types of cheese available in the Polish market. The measurements of textural properties were conducted in an Instron universal testing machine, while the colour properties of cheeses were measured using a Minolta chromameter. The chemical composition was determined by means of the near‐infrared spectroscopy (NIRs). Moreover, a trained sensory panel was invited to assess the cheese texture‐related properties. Generally, cheeses with reduced fat content were characterised by higher hardness, adhesiveness, cohesiveness and elasticity. Texture‐related parameters of cheese with canola oil were comparable to that of most of full‐fat cheeses. The correlation analysis between physical and sensory attributes related to cheese textural properties indicated the potential applications of TPA, shear and penetration tests (r = 0.766, r = 0.75 and r = 0.765, respectively) for the evaluation of sensory properties related to the hardness. Meanwhile, the elasticity of cheese obtained from sensory evaluation was strongly correlated with the elasticity determined from the shear test (r = 0.722) and moderately correlated with the elasticity from penetration test (r = 0.588), indicating a need to refine the method of penetration test. In addition, cheeses exhibited higher meltability during convection heating at 230 °C than microwave heating. The values of meltability for cheese with reduced fat content were lower than those of full‐fat cheese.