Abstract #301386

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JSM 2003 Abstract #301386
Activity Number: 169
Type: Contributed
Date/Time: Monday, August 4, 2003 : 2:00 PM to 3:50 PM
Sponsor: Section on Quality & Productivity
Abstract - #301386
Title: A Bi-Objective Stochastic Goal Programming Model
Author(s): Mir-Ahmad Mortazavi*+
Companies: Eastern New Mexico University
Address: 1500 S Ave. K, Portales, NM, 88130-7400,
Keywords: goal ; reliability ; programming ; bi-objective ; multi-objective ; stochastic
Abstract:

This paper presents a bi-objective goal-programming model in which the parameters are stochastic. In a multi-objective model, various objectives are frequently in conflict with each other. In order to achieve an objective in full capacity, we may have to lower the level of achievement for other objectives that have an inverse relationship. Moreover, in a stochastic multi-objective model, due to the randomness and uncertain nature of goals, reliability is more important for certain goals. Therefore, this paper will discuss a bi-objective stochastic goal-programming model in which the conflicting goals are to be achieved with high reliability. This proposed model is illustrated through a financial and production example.

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