Stochastic optimization for investment in facilities in emergency prevention |
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Affiliation: | 1. Richard J. Bolte, Sr., School of Business, Mount St. Mary''s University, Emmitsburg, MD 21727, USA;2. Department of Business Information Technology, Virginia Polytechnic Institute and State University, Blacksburg, VA 24061, USA |
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Abstract: | A coordinated approach is developed to integrate three preventive measures (i.e. building reinforcement, reinforcement of road networks, and facility location of relief supplies), with the objectives of minimizing budgets and risk-induced penalties. The Conditional Value-at-Risk is employed as a decision-making tool to evaluate diverse decisions of prevention based on the degree of risk aversion. Based on a real-world case of an earthquake, a series of scenarios were designed, and the applicability of the proposed model was studied. The coordinated approach for investing preventive measures is cost-efficient in helping reduce the impact of disaster on society. |
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Keywords: | Disaster prevention Emergency logistics Network reliability Stochastic programming Conditional Value at Risk Risk management |
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