Applications in OR

Decision making is one of the most important running a company. Supporting these decisions is subject of the Business Decision Theory. Often decision making lacks of full information on the required data, such as product prices, stock prices, machine running times or product demands. In these cases, replacement concepts are used to enable a comparison of available alternatives. Our research interests focus on concepts of stochastic dominance and models for the optimization of risk measurement. If an issue has multiple simultaneous objectives such as economic and ecological ones this usually leads conflicting goals. Therefore, the focus of research is to set on concepts of Multi Criteria Decision Making (MCDM) solving such conflicts.

A recent application of Operations Research can be found in supply chain management, especially in the operational production planning. In this field models of lot sizing and scheduling form the base of our research approaches. The related issues can be characterized by an isolated or a simultaneous consideration. As a further matter model developments focus on integrating aspects of flexibility like time window constraints and taking account of economical as well as ecological challenges in energy flexible factories. To calculate solutions for decision making support, commercial solver on the one hand and problem-specific heuristics on the other hand will be applied.