Avoiding simplification strategies by introducing multi-objectiveness in real world problems
conference paper
In business analysis, models are sometimes oversimplified. We pragmatically approach many problems with a single financial objective and include monetary values for non-monetary variables. We enforce constraints which may not be as strict in reality. Based on a case in distributed energy production, we illustrate how we can avoid simplification by modeling multiple objectives, solving it with an NSGA-II algorithm with a novel comparison operator. Advantages include a strengthened focus on the trade-off relation between financial and non-monetary objectives. We conclude that this approach is very applicable in a business analysis setting. © 2010 IEEE.
Topics
TNO Identifier
427580
ISBN
9781424481354
Article nr.
5687110
Source title
2010 10th International Conference on Intelligent Systems Design and Applications, ISDA'10, 29 November 2010 through 1 December 2010, Cairo
Pages
1424-1429
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