HighlightsNovel approach to EMS infrastructure systems design, planning, and operations under uncertainty.Models strategic flexibility as Real Options (RO) using multi-stage stochastic programming and decision rules.Differs from standard RO analysis by emulating real-world decision-making.Objective function minimizes expected total costs; outputs are optimal initial configuration and decision rules.Flexible solution provides lower expected cost than stochastically optimal rigid solutions, especially valuable when required incident coverage rate is >95%.

    AbstractA novel approach to EMS infrastructure systems design, planning, and operations under long-term uncertainty is introduced based on multi-stage stochastic programming and decision rules, accounting for strategic flexibility (also known as real options – RO). Different from standard RO analysis, the approach mimics real-world decision-making by exercising flexibility based on conditional-go decision rules. The objective is to minimize the expected total costs over the system’s life cycle, and the outputs are the optimal initial configuration and decision rules. A flexible solution provides lower expected cost than stochastically optimal rigid solutions, especially valuable when required incident coverage rate is >95%.


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    Title :

    Flexibility and real options analysis in emergency medical services systems using decision rules and multi-stage stochastic programming


    Contributors:


    Publication date :

    2017-09-06


    Size :

    21 pages




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English





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