Two-Stage Stochastic Optimization in Excel: A Hotel Booking Example

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Two-Stage Stochastic Optimization in Excel: A Hotel Booking Example

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Tallys Yunes

Күн бұрын

Пікірлер: 23

@alexandersmith6069 Жыл бұрын

Thanks a lot. I found this example easier to follow than the farmer's example to clear the initial doubts about two-stage stochastic programming.

@TallysYunes Жыл бұрын

You are welcome! Glad it was helpful!

@srinivasanbalan2469 3 жыл бұрын

A good example for beginners in SP. Thanks, Dr. Yunes.

@TallysYunes 3 жыл бұрын

You're welcome!

@stephanie_ong 3 жыл бұрын

This was a great explanation. I am taking a graduate class under the civil engineering department and our homework has us solve a two-stage linear programming problem related to flood plain planning. I appreciate the time you put into sharing this.

@TallysYunes 3 жыл бұрын

Thank you! I'm happy to hear it was helpful. I have another 2-stage stochastic LP example in my Excel Models playlist that may be helpful. Also, if you haven't yet, I recommend you watch the conceptual video about the idea of 2-stage stochastic LP. There's a link to it in the description box of this video (you may need to click "see more").

@stephanie_ong 3 жыл бұрын

@@TallysYunes I watched all three already! The schematic drawing and the doctor strange example were very well explained. Thanks!

@pavineer7971 3 жыл бұрын

Thank you very much, Sir. This is a very clear explanation and super useful for me as a nurse scheduling problem researcher.

@TallysYunes 3 жыл бұрын

Glad it was helpful!

@id-dl5rg 3 жыл бұрын

Thank you so much. You have explained it so clearly. Wonderful.

@TallysYunes 3 жыл бұрын

Glad it was helpful!

@JosGandosKotosKotos 3 жыл бұрын

Thank you so much for this video.. can you make an example with energy optimization..TIA!

@TallysYunes 3 жыл бұрын

You're welcome. Do you have a specific example in mind that I could look at?

@MuffinInThaHouse 2 жыл бұрын

Hello Mr. Yunes, aren't there multiple solutions for u and o to make the equation true again? For example in scenario 1 with demand 300. If we choose r=400, o is 100 and u is 0. But what stops the program from setting o to 200 and u to 100? The equation would still be correct and o and u are non-negative values. This would have impact on the objective function, so it cannot be ignored. Thank you in advance!

@TallysYunes 2 жыл бұрын

Hi. This is a good question, and one that comes up often in class. You're right that there are many possible solutions that make the equation true. However, because we are minimizing cost, the optimal solution will always have either o or u equal to zero. Otherwise, that is, if both o and u are greater than zero, the cost is higher. You can verify this by trying different values for o and u and calculating the resulting cost.

@MuffinInThaHouse 2 жыл бұрын

@@TallysYunes I understand, that makes sense. Thank you very much for your fast response!

@ahmedihsansimsek5268 3 жыл бұрын

Dear professor, thank you so much for this enlightening video. but when i try to solve it by myself excel solver put "0" in overage cell every single time. i couldn't find where i did wrong. should i add another constraint in solver ?

@TallysYunes 3 жыл бұрын

If you're not getting the same answer as me, there's something different between your spreadsheet and mine. Just go back and double check every single one of your formulas and double check that the setup of the Solver window is also identical to mine.

@seyyiduz 3 жыл бұрын

is it possible to solve this problem without excel or computer programs?

@TallysYunes 3 жыл бұрын

The answer is: it depends on how many details (as in variables and constraints) the problem has. This particular example is simple enough that I believe it would be possible to solve it by hand. I've never done it myself, but I have a colleague who told me you can use an approach that's usually taught in a Revenue Management course. However, as the story (and math) get more complicated, then it becomes much harder to solve it by hand.