TY  - JOUR
N1  - cited By 16
AV  - none
TI  - Stochastic refinery planning with risk management
VL  - 26
EP  - 1740
ID  - scholars507
UR  - https://www.scopus.com/inward/record.uri?eid=2-s2.0-50249189336&doi=10.1080%2f10916460701287813&partnerID=40&md5=8ef56f58b1aeba0a3a76445ad82c1691
Y1  - 2008///
A1  - Khor, C.S.
A1  - Elkamel, A.
A1  - Douglas, P.L.
IS  - 14
SP  - 1726
KW  - Finance; Insurance; Management; Mathematical programming; Occupational risks; Planning; Refining; Rhodium compounds; Risk assessment; Risk management; Stochastic models; Stochastic programming; Uncertainty analysis
KW  -  Absolute deviations; Crude oils; Mean-variance; Numerical examples; Objective function; Optimization under uncertainty; Product demands; Product yields; Refinery planning; Risk; Risk measure; Saleable products; Scenario analysis; Slack variables; Two-stage stochastic programming
KW  -  Risk analysis
SN  - 10916466
JF  - Petroleum Science and Technology
N2  - This work proposes a two-stage stochastic programming model with fixed recourse via scenario analysis with incorporation of risk management for an optimal midterm refinery planning that addresses three factors of uncertainties: prices of crude oil and saleable products (in the objective function), product demands (in the RHS coefficients), and product yields (in the LHS coefficients). Compensating slack variables and discrepancy costs are employed to explicitly account for constraints' violations to increase model tractability. Variance is adopted as the risk measure, with its shortcomings highlighted and mean-absolute deviation proposed as an improved alternative. A representative numerical example is illustrated.
ER  -