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Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty

This work proposes a hybrid of stochastic programming (SP) approaches for an optimal midterm refinery planning that addresses three sources of uncertainties: prices of crude oil and saleable products, demands, and yields. An SP technique that utilizes compensating slack variables is employed to expl...

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التفاصيل البيبلوغرافية
المؤلفون الرئيسيون: C.S., Khor, A., Elkamel, K., Ponnambalam, P.L., Douglas
التنسيق: مقال
منشور في: 2008
الموضوعات:
TP Chemical technology
الوصول للمادة أونلاين:http://eprints.utp.edu.my/239/1/paper.pdf
http://www.scopus.com/inward/record.url?eid=2-s2.0-44949109335&partnerID=40&md5=df92e4f99812850367199c97a8c7386a
http://eprints.utp.edu.my/239/
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id my.utp.eprints.239
record_format eprints
spelling my.utp.eprints.2392017-01-19T08:26:26Z Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty C.S., Khor A., Elkamel K., Ponnambalam P.L., Douglas TP Chemical technology This work proposes a hybrid of stochastic programming (SP) approaches for an optimal midterm refinery planning that addresses three sources of uncertainties: prices of crude oil and saleable products, demands, and yields. An SP technique that utilizes compensating slack variables is employed to explicitly account for constraints' violations to increase model tractability. Four approaches are considered to ensure solution and model robustness: (1) the Markowitz's mean-variance (MV) model to handle randomness in the objective function coefficients by minimizing the variance (economic risk) of the expected value of the random coefficients; (2): the two-stage SP with fixed recourse approach to deal with randomness in the RHS and LHS coefficients of the constraints by minimizing the expected recourse costs due to constraints' violations; (3) incorporation of the MV model within the framework developed in (2) to formulate a mean-risk model that minimizes both the expectation and the operational risk measure of variance of the recourse costs; and (4) reformulation of the model in (3) by adopting mean-absolute deviation (MAD) as the measure of operational risk imposed by the recourse costs for a novel refinery planning application. A representative numerical example is illustrated. © 2007 Elsevier B.V. All rights reserved. 2008 Article NonPeerReviewed application/pdf http://eprints.utp.edu.my/239/1/paper.pdf http://www.scopus.com/inward/record.url?eid=2-s2.0-44949109335&partnerID=40&md5=df92e4f99812850367199c97a8c7386a C.S., Khor and A., Elkamel and K., Ponnambalam and P.L., Douglas (2008) Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty. Chemical Engineering and Processing: Process Intensification, 47 . pp. 1744-1764. ISSN 2552701 http://eprints.utp.edu.my/239/
institution Universiti Teknologi Petronas
building UTP Resource Centre
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Petronas
content_source UTP Institutional Repository
url_provider http://eprints.utp.edu.my/
topic TP Chemical technology
spellingShingle TP Chemical technology
C.S., Khor
A., Elkamel
K., Ponnambalam
P.L., Douglas
Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
description This work proposes a hybrid of stochastic programming (SP) approaches for an optimal midterm refinery planning that addresses three sources of uncertainties: prices of crude oil and saleable products, demands, and yields. An SP technique that utilizes compensating slack variables is employed to explicitly account for constraints' violations to increase model tractability. Four approaches are considered to ensure solution and model robustness: (1) the Markowitz's mean-variance (MV) model to handle randomness in the objective function coefficients by minimizing the variance (economic risk) of the expected value of the random coefficients; (2): the two-stage SP with fixed recourse approach to deal with randomness in the RHS and LHS coefficients of the constraints by minimizing the expected recourse costs due to constraints' violations; (3) incorporation of the MV model within the framework developed in (2) to formulate a mean-risk model that minimizes both the expectation and the operational risk measure of variance of the recourse costs; and (4) reformulation of the model in (3) by adopting mean-absolute deviation (MAD) as the measure of operational risk imposed by the recourse costs for a novel refinery planning application. A representative numerical example is illustrated. © 2007 Elsevier B.V. All rights reserved.
format Article
author C.S., Khor
A., Elkamel
K., Ponnambalam
P.L., Douglas
author_facet C.S., Khor
A., Elkamel
K., Ponnambalam
P.L., Douglas
author_sort C.S., Khor
title Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
title_short Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
title_full Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
title_fullStr Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
title_full_unstemmed Two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
title_sort two-stage stochastic programming with fixed recourse via scenario planning with economic and operational risk management for petroleum refinery planning under uncertainty
publishDate 2008
url http://eprints.utp.edu.my/239/1/paper.pdf
http://www.scopus.com/inward/record.url?eid=2-s2.0-44949109335&partnerID=40&md5=df92e4f99812850367199c97a8c7386a
http://eprints.utp.edu.my/239/
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score 13.251813

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