Journal ArticleDOI
Financial risk management in the planning of refinery operations
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TLDR
In this article, a stochastic model for refinery planning is proposed, where the profit is maximized taking into account revenues, crude oil costs, inventory costs, and cost of unsatisfied demand, and the model is tested using data from the Refinery owned by the Bangchak Petroleum Public Company Limited, Thailand.About:
This article is published in International Journal of Production Economics.The article was published on 2006-09-01. It has received 72 citations till now. The article focuses on the topics: Financial risk management & Financial risk.read more
Citations
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Journal ArticleDOI
Risk Management for a Global Supply Chain Planning Under Uncertainty : Models and Algorithms
TL;DR: In this article, a two-stage stochastic linear programming approach is proposed within a multi-period planning model that takes into account the production and inventory levels, transportation modes, times of shipments, and customer service levels.
Journal ArticleDOI
The Effectiveness of Risk Management: An Analysis of Project Risk Planning Across Industries and Countries
Ofer Zwikael,Mark J. Ahn +1 more
TL;DR: It is found that even moderate levels of risk management planning are sufficient to reduce the negative effect risk levels have on project success, and that risk management moderates the relationship between risk level and project success.
Posted Content
Value-Based Performance and Risk Management in Supply Chains: A Robust Optimization Approach
Gerd J. Hahn,Heinrich Kuhn +1 more
TL;DR: A corresponding framework for value-based performance and risk optimization in supply chains and multiple aspects of robustness and general implications of the framework are highlighted using a case-oriented numerical analysis.
Journal ArticleDOI
Petroleum Refining Operations: Key Issues, Advances, and Opportunities
TL;DR: In this paper, the main issues present in the petroleum industry across various decision levels (strategic, tactical, and operational) and within oil refinery operations are discussed, and an attempt is also made to identify the future challenges in efficiently solving these problems.
Journal ArticleDOI
A mixed-integer linear programming model for bulk grain blending and shipping
Bilge Bilgen,Irem Ozkarahan +1 more
TL;DR: Numerical results are presented to demonstrate the feasibility of the real world bulk grain blending and shipping model.
References
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BookDOI
Introduction to Stochastic Programming
John R. Birge,Franois Louveaux +1 more
TL;DR: This textbook provides a first course in stochastic programming suitable for students with a basic knowledge of linear programming, elementary analysis, and probability to help students develop an intuition on how to model uncertainty into mathematical problems.
Book
Value At Risk: The New Benchmark for Managing Financial Risk
TL;DR: The Value at Risk approach has become the industry standard in risk management as mentioned in this paper, and it has been widely used in the finance community for many years, including in the financial domain.
Journal ArticleDOI
The Sample Average Approximation Method Applied to Stochastic Routing Problems: A Computational Study
TL;DR: This work presents a detailed computational study of the application of the SAA method to solve three classes of stochastic routing problems and finds provably near-optimal solutions to these difficult Stochastic programs using only a moderate amount of computation time.
Journal ArticleDOI
Planning and scheduling models for refinery operations
TL;DR: In this paper, a nonlinear planning model for refinery production is presented, which is able to represent a general refinery topology and allows the implementation of nonlinear process models as well as blending relations.
Journal ArticleDOI
Mixed-Integer Linear Programming Model for Refinery Short-Term Scheduling of Crude Oil Unloading with Inventory Management
TL;DR: In this article, a mixed-integer optimization model is developed which relies on time discretization to solve the problem of inventory management of a refinery that imports several types of crude oil which are delivered by different vessels.