Date/Time
Date(s) - April 08, 2022
11:45 am - 12:35 pm
Location
406 Weil Hall
Categories
Edwin Romeijn, Ph.D.
H. Milton and Carolyn J. Stewart School Chair of the Stewart School of Industrial and Systems Engineering
Georgia Tech
Title: Approximation algorithms for a class of stochastic selection problems with reward and cost considerations
Abstract: We study a class of problems with both binary selection decisions and associated continuous choices that result in stochastic rewards and costs. The rewards are received based on the decision maker’s selection and the costs depend both on the decisions and realizations of the stochastic variables. We consider a family of risk-based objective functions that contains the more traditional risk-neutral expected-value objective as a special case. We use a combination of rounding and sample average approximation to produce solutions that are guaranteed to be close to the optimal solution with high probability. We also provide an empirical comparison of the performance of the algorithms on a set of randomly generated test problems. We find that
for a supply chain example, high-quality solutions can be found with small computational effort.
About Edwin Romeijn, Ph.D.
Edwin Romeijn received his Ph.D. in 1992 from Erasmus University Rotterdam in The Netherlands. He was a faculty member at the Rotterdam School of Management, the University of Florida, and the Department of Industrial and Operations Engineering at the University of Michigan. He is currently the H. Milton and Carolyn J. Stewart School Chair of the Stewart School of Industrial and Systems Engineering at Georgia Tech. Before joining Georgia Tech, he served as Program Director for the Service and Manufacturing Enterprise Systems and Operations Research Programs at the National Science Foundation. His research focuses on optimization theory and applications, in particular in the areas of supply chain optimization and optimization in healthcare. He is a fellow of INFORMS and IISE.
To attend this seminar virtually:
https://ufl.zoom.us/j/97587644164?pwd=b0lvUmlTNUJhQ01SWFRXTDNpaERNUT09
Meeting ID: 975 8764 4164
Password: 671640