Virivinti, N and Mitra, Kishalay
(2014)
Expected Value Analysis for an Industrial Grinding Process with Fuzzy Uncertain Parameters.
In: European Symposium on Computer Aided Process Engineering (ESCAPE 24), 15-18 June 2014.
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Abstract
Uncertainty in parameters, which are assumed to be known and do not change their values during the course of deterministic optimization, can have a great impact on the outcome of an optimization study. Investigations on the development and application of optimization approaches that can accommodate such kind of uncertainty in parameters during the course of optimization are, therefore, necessitated. Expected value model (EVM) is one such method which converts the uncertain optimization formulation into a deterministic problem using expected values of the objective functions and constraints based on fuzzy credibility theory. In this work, an industrial grinding model has been adopted under the credibility theory based fuzzy framework to handle several uncertain parameters and shown how the presence of uncertainty leads to an operating zone of varied risk appetite of a decision maker by defining the entire frontier of the uncertain solution region.
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