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Flexibility and real options analysis in emergency medical services systems using decision rules and multi-stage stochastic programming.
- Source :
-
Transportation Research Part E: Logistics & Transportation Review . Nov2017, Vol. 107, p120-140. 21p. - Publication Year :
- 2017
-
Abstract
- A novel approach to EMS infrastructure systems design, planning, and operations under long-term uncertainty is introduced based on multi-stage stochastic programming and decision rules, accounting for strategic flexibility (also known as real options – RO). Different from standard RO analysis, the approach mimics real-world decision-making by exercising flexibility based on conditional-go decision rules. The objective is to minimize the expected total costs over the system’s life cycle, and the outputs are the optimal initial configuration and decision rules. A flexible solution provides lower expected cost than stochastically optimal rigid solutions, especially valuable when required incident coverage rate is >95%. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 13665545
- Volume :
- 107
- Database :
- Academic Search Index
- Journal :
- Transportation Research Part E: Logistics & Transportation Review
- Publication Type :
- Academic Journal
- Accession number :
- 125682223
- Full Text :
- https://doi.org/10.1016/j.tre.2017.09.003