Traditionally inventory management models have focused on risk-neutral decision making with the objective of maximizing the expected rewards or minimizing costs over a specified time horizon.
When faults are described as discrete switches between linear systems with uncertainties bounded within zonotopes, an optimal open-loop input guaranteeing diagnosis within a specified time horizon can be computed efficiently by solving a Mixed Integer Quadratic Program (MIQP).
Today, it is widely recognized that optimization methodologies should account for the stochastic nature of engineering systems and that concepts and methods of life-cycle engineering should be used to obtain a cost-effective design during a specified time horizon.
Consider a farm household that has a discrete choice of farming and non-farming practices and seeks to maximise the present value of expected income from production and participation in non-farming schemes in a specified time horizon.
Given the projected electricity demand for each demand node over the specified time horizon (2013 to 2030), the model first calculates the total costs of electrification comprising all preliminary and recurrent expenditures for the three different electrification technology alternatives.
In this work an optimization tool for a general HRES is developed: it generates an operating plan over a specified time horizon of the setpoints of each device to meet all electrical and thermal load requirements with possibly minimum operating costs.
The blend of Nigeria's economic growth rate, mean household size, peak demand data, population growth rate (rural and urban) and the base year electricity unit demands of the communities is used to project the total electricity demands needed at the end of the specified time horizon.
Given these counterparty specific information, a crucial task of a credit portfolio model is to model the changes of PD i over the specified time horizon by taking into consideration systematic influences due to country or business dependencies as well as idiosyncratic changes.
The distribution of the project Net Present Value over the project lifecycle has been considered, in a similar way as the distribution of return for a portfolio of financial assets over a specified time horizon, in order to define a synthetic measure of risk for an Engineering and Contracting project.
In other words, the described full set of daily re-samples represents the entire "population" over the specified time horizon.
