eprintid: 507
rev_number: 2
eprint_status: archive
userid: 1
dir: disk0/00/00/05/07
datestamp: 2023-11-09 15:16:09
lastmod: 2023-11-09 15:16:09
status_changed: 2023-11-09 15:14:43
type: article
metadata_visibility: show
creators_name: Khor, C.S.
creators_name: Elkamel, A.
creators_name: Douglas, P.L.
title: Stochastic refinery planning with risk management
ispublished: pub
keywords: Finance; Insurance; Management; Mathematical programming; Occupational risks; Planning; Refining; Rhodium compounds; Risk assessment; Risk management; Stochastic models; Stochastic programming; Uncertainty analysis, 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, Risk analysis
note: cited By 16
abstract: 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.
date: 2008
official_url: https://www.scopus.com/inward/record.uri?eid=2-s2.0-50249189336&doi=10.1080%2f10916460701287813&partnerID=40&md5=8ef56f58b1aeba0a3a76445ad82c1691
id_number: 10.1080/10916460701287813
full_text_status: none
publication: Petroleum Science and Technology
volume: 26
number: 14
pagerange: 1726-1740
refereed: TRUE
issn: 10916466
citation:   Khor, C.S. and Elkamel, A. and Douglas, P.L.  (2008) Stochastic refinery planning with risk management.  Petroleum Science and Technology, 26 (14).  pp. 1726-1740.  ISSN 10916466