English, Article edition: Resource-constrained management of heterogeneous assets with stochastic deterioration Ohlmann, Jeffrey W.; Bean, James C.

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Bookmark: http://trove.nla.gov.au/version/10278
Physical Description
  • article
Language
  • English

Edition details

Title
  • Resource-constrained management of heterogeneous assets with stochastic deterioration
Author
  • Ohlmann, Jeffrey W.
  • Bean, James C.
Physical Description
  • article
Notes
  • We consider a collection of heterogeneous assets which exhibit independent stochastic behavior, but are economically interdependent due to resource constraints on management decisions. We represent the collection of assets as a network of nonhomogeneous Markov decision processes linked by side constraints. To facilitate a procedure for obtaining nonrandomized decision policies, we express the resource limitations as integrated chance constraints and relax them into the objective function within a Lagrangian penalty term. We utilize subgradient optimization to establish upper bounds and a greedy randomized Lagrangian repair heuristic to obtain feasible solutions. We empirically validate the tightness of these a posteriori upper and lower bounds with computational experiments on a pair of applications. For pavement maintenance, we examine the effect that the reward structure of each constituent MDP has on the maintenance policy in the presence of budget constraints. For equipment replacement, we consider constraints on two resource types.
  • Nonhomogeneous Markov decision processes Lagrangian relaxation Heuristic Pavement maintenance Equipment replacement
  • RePEc:eee:ejores:v:199:y:2009:i:1:p:198-208
Language
  • English
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