Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/123754
Title: A STOCHASTIC PROGRAMMING APPROACH TO ANALYZE DESIGN AND MANAGEMENT OF FLEXIBILITY IN INFRASTRUCTURE SYSTEMS OPERATING UNDER LONG-TERM UNCERTAINTY
Authors: ZHANG SIZHE
Keywords: Flexibility in Engineering Design, Real Options Analysis, Stochastic Programming, Infrastructure Systems, Decision Rules, Long-term Uncertainty
Issue Date: 6-Jan-2016
Citation: ZHANG SIZHE (2016-01-06). A STOCHASTIC PROGRAMMING APPROACH TO ANALYZE DESIGN AND MANAGEMENT OF FLEXIBILITY IN INFRASTRUCTURE SYSTEMS OPERATING UNDER LONG-TERM UNCERTAINTY. ScholarBank@NUS Repository.
Abstract: THE DESIGN AND MANAGEMENT OF INFRASTRUCTURE SYSTEMS UNDER LONG-TERM UNCERTAINTY IS A CHALLENGE TO SYSTEM PLANNERS AND/OR MANAGERS. SUCH INFRASTRUCTURES ARE CRITICAL TO THE WELL FUNCTIONING OF MODERN CITIES AND SOCIETY, PROVIDING FOR EXAMPLE EMERGENCY AND MEDICAL SERVICES, POWER, TRANSPORTATION, ETC. YET, THEY REQUIRE BILLION OF NOT HUNDREDS OF MILLION DOLLAR INVESTMENT, AND ARCHITECTURE/DESIGN DECISIONS WILL LAST FOR SEVERAL DECADES OF PLANNED OPERATIONS. TYPICAL APPROACHES TO SYSTEM ARCHITECTURE AND DESIGN DO NOT ACCOUNT WELL FOR LONG TERM UNCERTAINTY, LEAVING THE SYSTEM TO PERFORM POTENTIALLY IN A SUB-OPTIMAL MANNER SOME YEARS LATER AFTER LAUNCH. TO IMPROVE THE EXPECTED LONG-TERM LIFE-CYCLE PERFORMANCE, A NOVEL APPROACH INCORPORATING THE CONCEPT OF FLEXIBILITY IS PROPOSED IN THIS STUDY. SIMILAR TO THE CONCEPT OF A REAL OPTION, FLEXIBILITY IN ENGINEERING DESIGN PROVIDES ?THE RIGHT, BUT NOT THE OBLIGATION, TO CHANGE A SYSTEM EASILY TO ADAPT TO THE REALIZATION OF UNCERTAINTY DRIVERS.? T
URI: http://scholarbank.nus.edu.sg/handle/10635/123754
Appears in Collections:Ph.D Theses (Open)

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