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Abstract: Background and Purpose: In every organization, project management raises many different decision-making problems, a large proportion of which can be efficiently solved using specific decision-making support systems. Yet such kinds of problems are always a challenge since there is no time-efficient or computationally efficient algorithm to solve them as a result of their complexity. In this study, we consider the problem of optimal financial investment. In our solution, we take into account the following organizational resource and project characteristics: profits, costs and risks. Design/Methodology/Approach: The decision-making problem is reduced to a multi-criteria 0-1 knapsack problem. This implies that we need to find a non-dominated set of alternative solutions, which are a trade-off between maximizing incomes and minimizing risks. At the same time, alternatives must satisfy constraints. This leads to a constrained two-criterion optimization problem in the Boolean space. To cope with the peculiarities and high complexity of the problem, evolution-based algorithms with an island meta-heuristic are applied as an alternative to conventional techniques. Results: The problem in hand was reduced to a two-criterion unconstrained extreme problem and solved with different evolution-based multi-objective optimization heuristics. Next, we applied a proposed meta-heuristic combining the particular algorithms and causing their interaction in a cooperative and collaborative way. The obtained results showed that the island heuristic outperformed the original ones based on the values of a specific metric, thus showing the representativeness of Pareto front approximations. Having more representative approximations, decision-makers have more alternative project portfolios corresponding to different risk and profit estimations. Since these criteria are conflicting, when choosing an alternative with an estimated high profit, decision-makers follow a strategy with an estimated high risk and vice versa. Conclusion: In the present paper, the project portfolio decision-making problem was reduced to a 0-1 knapsack constrained multi-objective optimization problem. The algorithm investigation confirms that the use of the island meta-heuristic significantly improves the performance of genetic algorithms, thereby providing an efficient tool for Financial Responsibility Centres Management.
Keywords: 0-1 multi-objective constrained knapsack problem, project management portfolio problem, multi-objective evolution-based optimization algorithms, collaborative and cooperative meta-heuristics
Published: 04.05.2018; Views: 762; Downloads: 215
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Abstract: This paper describes the use of a multi-objective genetic algorithm for robust motion controller design. Motion controller structure is based on a disturbance observer in an RIC framework. The RIC approach is presented in the form with internal and external feedback loops, in which an internal disturbance rejection controller and an external performance controller must be synthesised. This paper involves novel objectives for robustness and performance assessments for such an approach. Objective functions for the robustness property of RIC are based on simple even polynomials with non-negativity conditions. Regional pole placement method is presented with the aims of controllers% structures simplification and their additional arbitrary selection. Regional pole placement involves arbitrary selection of central polynomials for both loops, with additional admissible region of the optimized pole location. Polynomial deviation between selected and optimized polynomials is measured with derived performance objective functions. A multi-objective function is composed of different unrelated criteria such as, robust stability, controllers' stability and time performance indexes of closed loops. The design of controllers and multi-objective optimization procedure involve a set of the objectives, which are optimized simultaneously with a genetic algorithm - Differential evolution.
Keywords: disturbance observer, DOB, uncertainty systems, optimal robust control, multi-objective optimization, differential evolution
Published: 15.06.2017; Views: 699; Downloads: 289
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Abstract: This paper suggests the use of dynamic population size throughout the optimization process which is applied on the numerical model of a medium voltage post insulator. The main objective of the dynamic population is reducing population size, to achieve faster convergence. Change of population size can be done in any iteration by proposed method. The multiobjective optimization process is based on the PSO algorithm, which is suitably modifiedin order to operate with the principle of the optimal Pareto front.
Keywords: dynamic population size, insulation elements, multi-objective optimization, particle swarm optimization
Published: 10.07.2015; Views: 898; Downloads: 20
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