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Project Prioritization via Optimization

[+] Author Affiliations
Ali Koç, David Morton, Elmira Popova

University of Texas - Austin, Austin, TX

Ernie Kee, Drew Richards, Alice Sun

South Texas Project Nuclear Operating Company, Wadsworth, TX

Stephen Hess

Electric Power Research Institute, West Chester, PA

Paper No. PVP2007-26578, pp. 107-113; 7 pages
doi:10.1115/PVP2007-26578
From:
  • ASME 2007 Pressure Vessels and Piping Conference
  • Volume 7: Operations, Applications and Components
  • San Antonio, Texas, USA, July 22–26, 2007
  • Conference Sponsors: Pressure Vessels and Piping Division
  • ISBN: 0-7918-4285-1 | eISBN: 0-7918-3804-8
  • Copyright © 2007 by ASME

abstract

We consider a problem commonly faced in industry, involving annual selection of plant capital investments. A typical approach to such a problem uses a multi-knapsack formulation, which takes as input the available budget in each year, the stream of liabilities induced by selecting each project, and the profit, i.e., net present value, of each project. The goal is to select the portfolio of projects with the highest total net present value, while observing the budget constraint for each year, as well as any additional constraints. A portfolio selected in this manner can fail to hedge against uncertainties in the budget, the liability stream and the profit. So, we propose a model that forms an optimal priority list of projects, incorporating multiple scenarios for these input parameters. Our model is not a simplistic ranking scheme. Structural and stochastic dependencies among the projects are key to our approach. We apply our methods on a set of example projects from South Texas Project Nuclear Operating Company.

Copyright © 2007 by ASME

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