No video
Two-Stage Stochastic Optimization in Excel: An Airline Yield Management Example
Рет қаралды 8,371
4 жыл бұрынEnjoyed this content & want to support my channel? You can get the spreadsheet I build in the video or buy me a coffee! Links below:
Buy me a coffee: www.buymeacoff...
Buy complete spreadsheet: www.buymeacoff...
Buy me an item from my wishlist: www.buymeacoff...
Before watching this video, I highly recommend you watch the following two videos, if you haven't yet:
- Conceptual explanation about 2-stage optimization: • Introduction to Two-St... .
- First concrete example: • Two-Stage Stochastic O... .
An airline frequently flies a given leg between two large cities. Based on their historical data, they believe that demand for each seat class (first, business, and economy) can be in one of three scenarios (high, medium, or low) with corresponding probabilities. If the airline is considering buying a new airplane to fly this leg, what should the seat configuration on the plane be in order to maximize the average long-term revenue generated by ticket sales?
@prashantpant8501 3 жыл бұрын
That's great work to help students. Many thanks
@TallysYunes 3 жыл бұрын
It's my pleasure!
@martinpratto1475 2 жыл бұрын
Great video!!! I m studying operation research and this help me a lot!! hove you a video with airline network optimization?. I can t get practical examples about it. Thanks a lot for your time!!! And of course i will buy you a coffe!!
@TallysYunes 2 жыл бұрын
Thank you so much, Martin. I'm glad the video was helpful to you. I don't have a video of the specific problem type you mentioned, but if you could provide me with an example of this kind of problem (the story and the data), I can try making one. You can email the stuff to me at thyunes@gmail.com.
@Valiant1010 4 жыл бұрын
Sweet!!!
@srinivasanbalan2469 3 жыл бұрын
Nice video, thanks
@TallysYunes 3 жыл бұрын
Glad you liked it!
@srinivasanbalan2469 3 жыл бұрын
@@TallysYunes Thanks prof. Could you share an example of a multi-stage stochastic programming example ?
@zahrayousefi1410 4 жыл бұрын
Thank you a lot , it was useful for me and I severely needed it. If the problem has 2 independent uncertain parameters and their own scenarios is it still feasible to use excel?
@TallysYunes 4 жыл бұрын
If there are two independent uncertain parameters, create one scenario for each combination of possible values from each parameter. For example: if both parameters have a high, medium, low value, there will be 9 scenarios: (low, low), (low, medium), etc.
@zahrayousefi1410 4 жыл бұрын
Tallys Yunes thank you for response. Yes they are independent and each one has 5 scenario with different probabilities , so I can not combine scenarios together .because the probability of scenarios are different. Both of the uncertain parameters are from a continuous distribution and the pdf is given . In fact , what I have is a set of different scenarios and distribution function of each uncertain parameter. Is it possible now?and another question is that I remember you told when we are going to solve the second stage , the first stage variables are fixed , so do we solve the first stage with its own variables and objective function earlier?and then replace its answers in stage2 constraint?
@zahrayousefi1410 4 жыл бұрын
And I have 6 time periods for each scenario . I wish you would teach this in Gams too.
@TallysYunes 4 жыл бұрын
For it to work properly, you have to solve a single large problem that looks at stage-1 and stage-2 variables, objectives, and constraints together.
@TallysYunes 4 жыл бұрын
Indeed, when the problem starts to get very large, it's probably better to switch to a modeling language like AMPL or GAMS, or even code it in C++ or Python using the interfaces to solvers like Gurobi or CPLEX.
@kosmais4358 2 жыл бұрын
Hello, i have a simillar assignment for maximizing the profit with 3 different scenarios that after formulating and solving the problem it asks for the maximum of the minimum profits. Any idea what that means?
@TallysYunes 2 жыл бұрын
I don't quite understand what you are asking.
@pervezalamkhan3200 3 жыл бұрын
thats so cool sir , can i plz get the excel file
@TallysYunes 3 жыл бұрын
You can very easily make it yourself in 5 minutes. Just copy mine.
Tallys Yunes
Рет қаралды 8 М.
Leila Gharani
Рет қаралды 502 М.