User interface. When the solver (ILOG CPLEX) is run, an optimal solution is reached at a point
Question:
User interface. When the solver (ILOG CPLEX) is run, an optimal solution is reached at a point when the objective value of the incumbent solution stops improving. This stopping criterion is determined by the user during each program run.
Results/Benefits
It was expected that using the optimization model will lead to reduced shipping cost and less demurrage expenses. These would be achieved because the tool would be able to support higher utilization of ships and help make ship selection (e.g., Panamax versus Aframax) and design more optimal routing schedules. The researchers expected to extend the research by exploring other alternate mathematical methods to solve the scheduling problem. They also intended to give the DSS tool the capability to consider multiple products for a pool of vessels.
Discussion Questions
1. List three ways in which manual scheduling of ships could result in more operational cost as compared to the tool developed.
2. In what other ways can ExxonMobil leverage the decision support tool developed to expand and optimize their other business operations?
3. What are some strategic decisions that could be made by decision makers using the tool developed.
Step by Step Answer:
Business Intelligence And Analytics Systems For Decision Support
ISBN: 9781292009209
10th Global Edition
Authors: Efraim Turban, Ramesh Sharda, Dursun Delen, Pearson Education Limited, Dennis G. Zill