Decision-Making Under Uncertainty: Ingredients for Modeling

Francisco Saldanha-da-Gama and Shuming Wang
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Francisco Saldanha-da-Gama: Sheffield University Management School
Shuming Wang: University of Chinese Academy of Science

Chapter Chapter 3 in Facility Location Under Uncertainty, 2024, pp 37-50 from Springer

Abstract: Abstract This chapter discusses several aspects of relevance when embedding uncertainty in optimization models aiming at supporting decision-making. These include uncertainty nature and representation, scenario generation and reduction, risk measurement, robustness measures, the relevance of hedging against uncertainty and ways for assessing it, sources of uncertainty in particular facility location problems, and adaptive/non-adaptive decisions in facility location.

Keywords: Uncertainty representation; Uncertainty sources; Scenario generation and reduction; Risk assessment; Modeling relevance assessment; Adaptive decisions (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-031-55927-3_3

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DOI: 10.1007/978-3-031-55927-3_3

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