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STRATEGIC FACILITY PLANNING: THE ANALYSIS OF OPTIONS
Author(s) -
Schilling David A.
Publication year - 1982
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1982.tb00126.x
Subject(s) - planner , flexibility (engineering) , computer science , operations research , heuristic , set (abstract data type) , variance (accounting) , selection (genetic algorithm) , strategic planning , risk analysis (engineering) , business , economics , mathematics , artificial intelligence , management , accounting , marketing , programming language
This paper addresses the issue of uncertainty in planning the long‐term development of facility systems. In certain instances, the high variance of a single future forecast can be reduced by using a set of alternative future scenarios. By carefully selecting facility configurations, the planner can delay the selection of a future set of facility sites at little or no sacrifice while additional information is gathered and uncertainty reduced. This allows the planner to maintain flexibility in adapting to a complex and dynamic environment. Several models are presented for different planning contexts. Examples for each, as well as a robust bicriterion solution heuristic, are also provided.