Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.

The acquisition of Advanced Manufacturing Technologies (AMT), such as high-power fiber or CO2 laser cutting equipment, generally involves high investment levels. Its payback period is usually more extended, and there is a moderate-to-high risk involved in adopting these technologies. In this work, w...

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Autores principales:	Juan Feller, Alejandro F Mac Cawley, Jorge A Ramos-Grez, Iván La Fé-Perdomo
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/ad4a5a76df8c4950865a8f678e3760e0
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spelling	oai:doaj.org-article:ad4a5a76df8c4950865a8f678e3760e02021-12-02T20:04:53ZDetermining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.1932-620310.1371/journal.pone.0254893https://doaj.org/article/ad4a5a76df8c4950865a8f678e3760e02021-01-01T00:00:00Zhttps://doi.org/10.1371/journal.pone.0254893https://doaj.org/toc/1932-6203The acquisition of Advanced Manufacturing Technologies (AMT), such as high-power fiber or CO2 laser cutting equipment, generally involves high investment levels. Its payback period is usually more extended, and there is a moderate-to-high risk involved in adopting these technologies. In this work, we present a robust model that optimizes equipment investing decisions, considers the process's technical constraint and finds an optimal production plan based on the available machinery. We propose a linear investment model based on historical demand information and take physical process parameters for a LASER cutting equipment, such as cutting speed and gas consumption. The model is then transformed into a robust optimization model which considers demand uncertainty. Second, we determine the optimal production plan based on the results of the robust optimization model and assuming that demand follows a normal distribution. As a case study, we decided on the investment and productive plan for a company that offers Laser-Beam Cutting (LBC) services. The case study validates the effectiveness of the proposed model and proves the robustness of the solution. For this specific application of the model, results showed that the optimal robust solution could increase the company's expected profits by 6.4%.Juan FellerAlejandro F Mac CawleyJorge A Ramos-GrezIván La Fé-PerdomoPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 7, p e0254893 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Juan Feller Alejandro F Mac Cawley Jorge A Ramos-Grez Iván La Fé-Perdomo Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
description	The acquisition of Advanced Manufacturing Technologies (AMT), such as high-power fiber or CO2 laser cutting equipment, generally involves high investment levels. Its payback period is usually more extended, and there is a moderate-to-high risk involved in adopting these technologies. In this work, we present a robust model that optimizes equipment investing decisions, considers the process's technical constraint and finds an optimal production plan based on the available machinery. We propose a linear investment model based on historical demand information and take physical process parameters for a LASER cutting equipment, such as cutting speed and gas consumption. The model is then transformed into a robust optimization model which considers demand uncertainty. Second, we determine the optimal production plan based on the results of the robust optimization model and assuming that demand follows a normal distribution. As a case study, we decided on the investment and productive plan for a company that offers Laser-Beam Cutting (LBC) services. The case study validates the effectiveness of the proposed model and proves the robustness of the solution. For this specific application of the model, results showed that the optimal robust solution could increase the company's expected profits by 6.4%.
format	article
author	Juan Feller Alejandro F Mac Cawley Jorge A Ramos-Grez Iván La Fé-Perdomo
author_facet	Juan Feller Alejandro F Mac Cawley Jorge A Ramos-Grez Iván La Fé-Perdomo
author_sort	Juan Feller
title	Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
title_short	Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
title_full	Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
title_fullStr	Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
title_full_unstemmed	Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
title_sort	determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/ad4a5a76df8c4950865a8f678e3760e0
work_keys_str_mv	AT juanfeller determiningoptimallaserbeamcuttingequipmentinvestmentthrougharobustoptimizationmodelingapproach AT alejandrofmaccawley determiningoptimallaserbeamcuttingequipmentinvestmentthrougharobustoptimizationmodelingapproach AT jorgearamosgrez determiningoptimallaserbeamcuttingequipmentinvestmentthrougharobustoptimizationmodelingapproach AT ivanlafeperdomo determiningoptimallaserbeamcuttingequipmentinvestmentthrougharobustoptimizationmodelingapproach
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Determining optimal laser-beam cutting equipment investment through a robust optimization modeling approach.

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