This paper aims to develop a deteriorated bridge maintenance strategy that ensures the safe operation of steel structures and minimizes the total risk. Five common failure modes are considered for the deteriorated bridge: flexure, shear, deflection,...
Existing metaheuristic approaches often struggle to maintain an effective exploration–exploitation balance and are prone to premature convergence when addressing highly conflicting time–cost–safety–risk trade-off problems (TCS...
The purpose of this study is to analyze the causes of cost variation in natural disaster prevention projects (NDPPs) in Gyeongsangbuk-do, South Korea, and develop tailored cost and risk management strategies. Utilizing a binary logistic regression mo...
The high uncertainty of megaproject results in increasing complexity in the decision-making and ultimately leads to different degrees of cost overrun and project delays. One of the critical reasons for cost overrun and delay is the optimism bias of d...
The integration of high-penetration renewable energy sources (RESs) into transmission networks introduces profound uncertainty that challenges traditional infrastructure planning approaches. Existing transmission expansion planning (TEP) models eithe...
This paper studies the optimal investment and consumption strategies in a two-asset model. A dynamic Value-at-Risk constraint is imposed to manage the wealth process. By using Value at Risk as the risk measure during the investment horizon, the decis...
The design of structures to resist progressive collapse primarily focuses on enhancing structural safety and robustness. However, given the low probability of accidental events, such designs often lead to a negative cost–benefit. To address thi...
This article is devoted to an approach to develop a safety system process according to functional safety standards. With the development of technologies and increasing the specific energy stored in the equipment, the issue of safety during operation...
Traditional fault tree analysis is an effective tool used to evaluate system risk if the required data are sufficient. Unfortunately, the operation and maintenance data of some complex systems are difficult to obtain due to economic or technical reas...
The optimal size of a diversion structure should be carefully studied to ensure economic viability and safety during construction. In practice, to determine the size of a diversion structure, design flood frequency is selected as the suggested return...
Occupational accidents in the construction sector are a significant concern for government agencies and enterprises globally. A detailed assessment of the potential consequences of accidents is essential for supervisory teams. This study presents a n...
We study the optimal insurance design problem. This is a risk sharing problem between an insured and an insurer. The main novelty in this paper is that we study this optimization problem under a risk-adjusted premium calculation principle for the ins...
The Energy Performance of Buildings Directive (EPBD) mandates European Union Member States (MS) to conduct cost-optimal studies using the national calculation methodology (NCM), typically through non-calibrated asset-rating software. Nearly zero-ener...
In an environment marked by dual carbon goals and substantial fluctuations in coal market prices, coal power generation enterprises face an urgent imperative to make scientifically informed decisions regarding production management amidst significant...
In the iron and steel enterprises, efficient utilization of byproduct gas is of great significance for energy conservation and emission reduction. This work presents a fuzzy optimal scheduling model for byproduct gas system. Compared with previous wo...
To alleviate environmental pollution and improve the energy usage efficiency of terminals, energy systems integration (ESI) has become an important paradigm in the energy structure evolution. Power, gas and heat systems are becoming tightly interlink...
Floods pose a significant threat to road networks globally, disrupting transportation, isolating communities, and causing economic losses. This study proposes a four-stage methodology (avoidance, endurance, recovery, and adaptability) to enhance the...
Social structure is based on the availability of the Water-Energy-Food Nexus. To cover these needs of society, several solutions of different scales of infrastructures coexist. The construction of infrastructure is capital-intensive; therefore, inves...
Shared energy storage systems (SESS) have been gradually developed and applied to distribution networks (DN). There are electrical connections between SESSs and multiple DN nodes; SESSs could significantly improve the power restoration potential and...
All over the world, probability-based flood protection designs are the ones most commonly used. Different return-period design floods are standard criteria for designing structural measures. Recently, risk-based flood management has received a signif...
Current electric utilities must achieve reliability enhancement of considerable distribution feeders with an economical budget. Thus, optimal preventive maintenance planning is required to balance the benefits and costs of maintenance programs. In th...
Most European buildings built before 1980s were constructed without any design concern for energy efficiency and environmental sustainability. In addition to this issue, over the last decades, the essential need of safer buildings has progressively a...
In today’s volatile market environment, supply chain management (SCM) must address complex challenges such as fluctuating demand, fraud, and delivery delays. This study applies machine learning techniques—Extreme Gradient Boosting (XGBoos...
Debt structure composition is an essential topic of discussion for the management of capital structure decisions. Researchers made extensive efforts to understand the criteria for selecting debts, specifically, to know about the reasons for debt spec...
This paper introduces a novel multi-objective optimization framework for sustainable portfolio rebalancing under uncertainty. The model simultaneously targets return maximization, downside risk control, and liquidity preservation, addressing the comp...
We solve the problem of optimal risk management for an investor holding an illiquid, alpha-generating fund and hedging his/her position with a liquid futures contract. When the investor is subject to a lower bound on net return, he/she is forced to r...
Credit risk scorecard models are utilized by lending institutions to optimize decisions on credit approvals. In recent years, ensemble learning has often been deployed to reduce misclassification costs in credit risk scorecards. In this paper, we com...
With the penetration of distributed generators (DGs), operation planning studies are essential in maintaining and operating a reliable and secure power system. Appropriate siting and sizing of DGs could lead to many positive effects forthe distributi...
Service life estimate is crucial for evaluating the economic and environmental sustainability of projects, by means—adopting a life cycle perspective—of the Life Cycle Cost Analysis (LCCA). Service life, in turn, is strictly correlated to...
This paper considers the optimal dividend and capital injection problem for an insurance company, which controls the risk exposure by both the excess-of-loss reinsurance and capital injection based on the symmetry of risk information. Besides the pro...
In an effort to quantify and manage uncertainties inside power systems with penetration of renewable energy, uncertainty costs have been defined and different uncertainty cost functions have been calculated for different types of generators and elect...
The high penetration of renewable sources of energy in electrical power systems implies an increase in the uncertainty variables of the economic dispatch (ED). Uncertainty costs are a metric to quantify the variability introduced from renewable energ...
Sustainable energy projects in Africa are particularly vulnerable in terms of sourcing vital alternative fuels due to the complexity of sourcing processes, contract agreements and relationships between society managers or directors and supplier chain...
We reconsider costs in insurance, and suggest a new type of cost function, which we argue is a natural choice when there are relatively small, but frequent, claims. If a fixed cost is incurred each time a claim is made, we obtain a Pareto optimal ded...
Infeasible solutions or negative expected values of future climate information are undesired problems if climate policies are adopted under Cost-Effectiveness Analysis (CEA) to reach uncertain temperature targets. Cost-Risk Analysis (CRA) was develop...
The application of drones provides a powerful solution for “the last-mile” logistics services, while the large-scale implementation of logistics drone services will threaten the safety of buildings, pedestrians, vehicles, and other elemen...
This study presents a systematic literature review of critical risk factors affecting the time and cost performance of highway construction projects. Drawing from 83 peer-reviewed studies across multiple geographic regions, the paper identifies recur...
Wildfires accelerate soil erosion. Preventive fuel management and post-fire control measures are two distinct strategies that can be used to mitigate wildfire-induced soil loss with varying effectiveness and costs. Here, we quantified the impacts and...
With the development of distributed renewable energy, a micro-energy grid (MEG) is an important way to solve the problem of energy supply in the future. A two-stage optimal scheduling model considering economy and environmental protection is proposed...
It is essential to design an appropriate submarine cable route to reduce costs and improve reliability. A methodology that can be used for multi-objective optimization in submarine cable route planning is proposed and numerically studied in this pape...
Background/Objectives: The SU2C-SARC032 randomized controlled trial (RCT) tested pembrolizumab combined with preoperative normofractionated radiotherapy as an intensified treatment for high-risk stage III resectable soft tissue sarcoma (STS), demonst...
At present, utilizing the insurance community is a common method to deal with investment risks along the Belt and Road; however, there is no clear method or mechanism to deal with the decision-making optimization and cost allocation of the insurance...
The consequences of a hazmat accident can be catastrophic due to the characteristics of hazardous materials. Different from the models, which are constructed from the perspective of “government-carrier”, this paper considers the three objectives of t...
26 November 2021
The growing transportation risk of hazardous materials (hazmat) is an important threat to public safety. As an efficient and reliable mode of transportation, the multimodal hub-and-spoke transport network helps to achieve economies of scale and reduc...
Variable-speed pumped storage has the advantages of flexible adjustment and low economic cost, which can reduce the adverse effects caused by a high proportion of new energy access. In order to reduce the system operation risk caused by the randomnes...
We consider the problem of SDN flow optimization in the presence of a dynamic probabilistic link failures model. We introduce a metric for path risk, which can change dynamically as network conditions and failure probabilities change. As these probab...
Implementing follow-up policies under healthcare warranties for chronic disease patients plays a crucial role in reducing the risk of adverse outcomes (AOs) and controlling long-term medical costs. However, the additional cost associated with these s...
In capital-intensive organizations, decisions regarding capital costs play an important role due to the significant amount of investment required and the expected return on investment. Spare parts management is crucial to those ends, as spare parts m...
Capacity expansion models for electricity grids typically use deterministic optimization, addressing uncertainty through ex-post analysis by varying input parameters. This paper presents a stochastic capacity expansion model that integrates uncertain...
Owing to the increasing utilization of renewable energy resources, distributed energy resources (DERs) become inevitably uncertain, and microgrid operators have difficulty in operating the power systems because of this uncertainty. In this study, we...
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