Equitable and Efficient Scarce Resource Allocation using Stochastic Fractional Optimization

Project: Research project

Description

The objective function in a fractional program consists of a model where the numerator and the denominator are functions of decision variables. Fractional programming has been used to model problems from diverse areas. They arise as blending models ensuring certain consistency in the blended raw materials, inventory/sales ratio optimization in production planning, cutting-stock problems minimizing the trim-loss to produced quantity ratio, information theory, return on investment optimization models, return to risk ratio maximization models, debt to equity ratio models, macro-economic planning, transportation planning, etc. An important application that models the problem as fractional program arises from Data Envelopment Analysis used to measure efficiency of decision units. Robust counterparts to the fractional optimization problems have also been used, e.g., in tree-structured network design problems.
StatusActive
Effective start/end date9/1/188/31/21

Funding

  • National Science Foundation (CMMI-1763035)

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Resource allocation
Efficiency measures
Production planning
Data envelopment analysis
Optimization problem
Debt
Raw materials
Network design
Optimization model
Information theory
Cutting stock problem
Transportation planning
Equity
Objective function
Return on investment
Economic planning
Macro model
Fractional programming