Optimizing short-term production plan using a portfolio optimization model

Detalhes bibliográficos
Autor(a) principal: Osanloo,Morteza
Data de Publicação: 2017
Outros Autores: Rahmanpour,Mehdi
Tipo de documento: Artigo
Idioma: eng
Título da fonte: REM - International Engineering Journal
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S2448-167X2017000100109
Resumo: Abstract Short-term production plans are the basis for operational mine production schedules. They concentrate on making long-term mine plans operationally feasible. It ensures a steady flow of product for meeting blending targets. Due to the quality variation of material, blend optimization is an uncertainty based optimization problem. There are different approaches toward uncertainty management and the current paper investigates a portfolio optimization model in order to minimize the risks in short-term plans. In this paper, a fuzzy linear programming model is formulated to provide a set of options for the mine plan. These blending options are treated as portfolios. Then a model for the optimal selection of a portfolio is introduced. The objective of the model is to maximize the expected return of the portfolio under constraints limiting its variance. The model is applied in a limestone mine complex.
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spelling Optimizing short-term production plan using a portfolio optimization modelshort-term planningportfolio optimizationfuzzy linear programminguncertaintyAbstract Short-term production plans are the basis for operational mine production schedules. They concentrate on making long-term mine plans operationally feasible. It ensures a steady flow of product for meeting blending targets. Due to the quality variation of material, blend optimization is an uncertainty based optimization problem. There are different approaches toward uncertainty management and the current paper investigates a portfolio optimization model in order to minimize the risks in short-term plans. In this paper, a fuzzy linear programming model is formulated to provide a set of options for the mine plan. These blending options are treated as portfolios. Then a model for the optimal selection of a portfolio is introduced. The objective of the model is to maximize the expected return of the portfolio under constraints limiting its variance. The model is applied in a limestone mine complex.Fundação Gorceix2017-03-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S2448-167X2017000100109REM - International Engineering Journal v.70 n.1 2017reponame:REM - International Engineering Journalinstname:Fundação Gorceix (FG)instacron:FG10.1590/0370-44672016700071info:eu-repo/semantics/openAccessOsanloo,MortezaRahmanpour,Mehdieng2017-01-10T00:00:00Zoai:scielo:S2448-167X2017000100109Revistahttps://www.rem.com.br/?lang=pt-brPRIhttps://old.scielo.br/oai/scielo-oai.php||editor@rem.com.br2448-167X2448-167Xopendoar:2017-01-10T00:00REM - International Engineering Journal - Fundação Gorceix (FG)false
dc.title.none.fl_str_mv Optimizing short-term production plan using a portfolio optimization model
title Optimizing short-term production plan using a portfolio optimization model
spellingShingle Optimizing short-term production plan using a portfolio optimization model
Osanloo,Morteza
short-term planning
portfolio optimization
fuzzy linear programming
uncertainty
title_short Optimizing short-term production plan using a portfolio optimization model
title_full Optimizing short-term production plan using a portfolio optimization model
title_fullStr Optimizing short-term production plan using a portfolio optimization model
title_full_unstemmed Optimizing short-term production plan using a portfolio optimization model
title_sort Optimizing short-term production plan using a portfolio optimization model
author Osanloo,Morteza
author_facet Osanloo,Morteza
Rahmanpour,Mehdi
author_role author
author2 Rahmanpour,Mehdi
author2_role author
dc.contributor.author.fl_str_mv Osanloo,Morteza
Rahmanpour,Mehdi
dc.subject.por.fl_str_mv short-term planning
portfolio optimization
fuzzy linear programming
uncertainty
topic short-term planning
portfolio optimization
fuzzy linear programming
uncertainty
description Abstract Short-term production plans are the basis for operational mine production schedules. They concentrate on making long-term mine plans operationally feasible. It ensures a steady flow of product for meeting blending targets. Due to the quality variation of material, blend optimization is an uncertainty based optimization problem. There are different approaches toward uncertainty management and the current paper investigates a portfolio optimization model in order to minimize the risks in short-term plans. In this paper, a fuzzy linear programming model is formulated to provide a set of options for the mine plan. These blending options are treated as portfolios. Then a model for the optimal selection of a portfolio is introduced. The objective of the model is to maximize the expected return of the portfolio under constraints limiting its variance. The model is applied in a limestone mine complex.
publishDate 2017
dc.date.none.fl_str_mv 2017-03-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S2448-167X2017000100109
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S2448-167X2017000100109
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/0370-44672016700071
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Gorceix
publisher.none.fl_str_mv Fundação Gorceix
dc.source.none.fl_str_mv REM - International Engineering Journal v.70 n.1 2017
reponame:REM - International Engineering Journal
instname:Fundação Gorceix (FG)
instacron:FG
instname_str Fundação Gorceix (FG)
instacron_str FG
institution FG
reponame_str REM - International Engineering Journal
collection REM - International Engineering Journal
repository.name.fl_str_mv REM - International Engineering Journal - Fundação Gorceix (FG)
repository.mail.fl_str_mv ||editor@rem.com.br
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