Purpose – The purpose of this paper is to present a procedure for finding the efficient frontier, i.e. a non‐decreasing curve representing the set of Pareto‐optimal or non‐dominated portfolios, when the standard Markowitz' classical mean‐variance model is enriched with additional...

Purpose – The purpose of this study is to introduce the concept of social welfare chain and address the challenges in decision making through the development of an optimal planning model for a nongovernmental organization (NGO). The distinctive properties of the social welfare chain and its...

Purpose – The purpose of this paper is to solve commitment problem of generating units in thermal power plants and to find the optimal dispatches of the committed units. Design/methodology/approach – The unit commitment (UC) problem has been solved in two stages. In the first stage, the...

Purpose – This paper aims to summarize the results of an empirical project to understand the perceptions of consumers of the future high end products in the USA. This project was a precursor of a larger global project on the topic. Design/methodology/approach – The approach utilizes the...

Purpose – The paper has two main aims: to focus on how the spare parts optimization process was conducted in the Norwegian Defence procurement projects that had used the system approach based on OPUS10, and whether coordination issues affected the process and results; and to analyse empirical...

Purpose – The purpose of this paper is to demonstrate application of the Taguchi method to determine the optimum level of three important parameters (factors) related to the use of a mobile phone for the text message entering task, namely illumination level, noise level and mobile angle that...

Decision making under uncertainty is a challenge faced by many decision makers. Stochastic programming is a major tool developed to deal with optimization with uncertainties that has found applications in, e.g. finance, such as asset-liability and bond-portfolio management. Computationally...

Decision making under uncertainty is a challenge faced by many decision makers. Stochastic programming is a major tool developed to deal with optimization with uncertainties that has found applications in, e.g. finance, such as asset-liability and bond-portfolio management. Computationally...

Purpose – The aim of this paper is to propose and analyse policies capable of generating left-skewed pension distributions. Such policies can deliver large pension values with high probability and hence are of interest to practical fund managers. Design/methodology/approach – The paper uses...

Purpose – The aim of this paper is to propose and analyse policies capable of generating left‐skewed pension distributions. Such policies can deliver large pension values with high probability and hence are of interest to practical fund managers. Design/methodology/approach – The paper...