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Optimising resource portfolio planning for capital-intensive industries under process-technology progress

Yang, Shu-Jung Sunny and Yang, Feng-Cheng and Wang, Kung-Jeng and Chandra, Yanto (2009) 'Optimising resource portfolio planning for capital-intensive industries under process-technology progress.' International Journal of Production Research, 47 (10). pp. 2625-2648. ISSN 0020-7543

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Abstract

This paper addresses the problem of resource portfolio planning of firms in high-tech, capital-intensive manufacturing industries. In light of the strategic importance of resource portfolio planning in these industries, we offer an alternative approach to modelling capacity planning and allocation problems that improves the deficiencies of prior models in dealing with three salient features of these industries, i.e. fast technological obsolescence, volatile market demand, and high capital expenditure. This paper first discusses the characteristics of resource portfolio planning problems including capacity adjustment and allocation. Next, we propose a new mathematical programming formulation that simultaneously optimises capacity planning and task assignment. For solution efficiency, a constraint-satisfied genetic algorithm (CSGA) is developed to solve the proposed mathematical programming problem on a real-time basis. The proposed modelling scheme is employed in the context of a semiconductor testing facility. Experimental results show that our approach can solve the resource portfolio planning problem more efficiently than a conventional optimisation solver. The overall contribution is an analytical tool that can be employed by decision makers responding to the dynamic technological progress and new product introduction at the strategic resource planning level.

Item Type: Article
Uncontrolled Keywords: capacity planning; capacity allocation; resource portfolio; genetic algorithms
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Essex Business School
Depositing User: Jim Jamieson
Date Deposited: 26 Nov 2012 16:00
Last Modified: 26 Nov 2012 16:00
URI: http://repository.essex.ac.uk/id/eprint/4374

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