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Multi-objective new product development by complete Pareto front and ripple-spreading algorithm
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Hu, Xiao-Bing, Wang, Ming, Ye, Qian, Han, Zhangan and Leeson, Mark S. (2014) Multi-objective new product development by complete Pareto front and ripple-spreading algorithm. Neurocomputing , Volume 142 . pp. 4-15. doi:10.1016/j.neucom.2014.02.058 ISSN 0925-2312.
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Official URL: http://dx.doi.org/10.1016/j.neucom.2014.02.058
Abstract
Given several different new product development projects and limited resources, this paper is concerned with the optimal allocation of resources among the projects. This is clearly a multi-objective optimization problem (MOOP), because each new product development project has both a profit expectation and a loss expectation, and such expectations vary according to allocated resources. In such a case, the goal of multi-objective new product development (MONPD) is to maximize the profit expectation while minimizing the loss expectation. As is well known, Pareto optimality and the Pareto front are extremely important to resolve MOOPs. Unlike many other MOOP methods which provide only a single Pareto optimal solution or an approximation of the Pareto front, this paper reports a novel method to calculate the complete Pareto front for the MONPD. Some theoretical conditions and a ripple-spreading algorithm together play a crucial role in finding the complete Pareto front for the MONPD. Simulation results illustrate that the reported method, by calculating the complete Pareto front, can provide the best support to decision makers in the MONPD.
Item Type: | Journal Article | ||||||||||
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Subjects: | Q Science > QA Mathematics T Technology > TS Manufactures |
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Divisions: | Faculty of Science, Engineering and Medicine > Engineering > Engineering | ||||||||||
Library of Congress Subject Headings (LCSH): | New products -- Mathematical models | ||||||||||
Journal or Publication Title: | Neurocomputing | ||||||||||
Publisher: | Elsevier | ||||||||||
ISSN: | 0925-2312 | ||||||||||
Official Date: | 22 October 2014 | ||||||||||
Dates: |
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Volume: | Volume 142 | ||||||||||
Number of Pages: | 12 | ||||||||||
Page Range: | pp. 4-15 | ||||||||||
DOI: | 10.1016/j.neucom.2014.02.058 | ||||||||||
Status: | Peer Reviewed | ||||||||||
Publication Status: | Published | ||||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||||
Date of first compliant deposit: | 28 December 2015 | ||||||||||
Date of first compliant Open Access: | 28 December 2015 | ||||||||||
Funder: | Seventh Framework Programme (European Commission) (FP7), China. Guo jia ke xue ji shu bu [Ministry of Science and Technology] (CMST), Beijing shi fan da xue [Beijing Normal University] | ||||||||||
Grant number: | 2012CB955404 (CMST), 2012-TDZY-21 (BNU), PIOF-GA-2011-299725 (FP7) |
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