Incorporating balance concerns in resource allocation decisions : a bi-criteria modelling approach

Karsu, T. and Morton, Alec (2014) Incorporating balance concerns in resource allocation decisions : a bi-criteria modelling approach. Omega, 44. pp. 70-82. ISSN 0305-0483 (https://doi.org/10.1016/j.omega.2013.10.006)

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Abstract

We consider resource allocation problems where inputs are allocated to different entities such as activities, projects or departments. In such problems a common goal is achieving a desired balance in the allocation over different categories of the entities. We propose a bi-criteria framework for trading balance off against efficiency. We define and categorise indicators based on balance distribution and propose formulations and solution algorithms which provide insight into the balance-efficiency tradeoff. We illustrate our models by applying them to the data of a portfolio selection problem faced by a science funding agency and to randomly generated large-sized problem instances to demonstrate computational feasibility.

ORCID iDs

Karsu, T. and Morton, Alec ORCID logoORCID: https://orcid.org/0000-0003-3803-8517;
  • Item type:Article
    ID code:46472
    Dates:
    Date
    Event
    1 April 2014
    Published
    1 November 2013
    Published Online
    25 October 2013
    Accepted
    Notes:NOTICE: this is the author’s version of a work that was accepted for publication in Omega. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Omega, [VOL 44, (01/04/14)] DOI:10.1016/j.omega.2013.10.006
    Subjects:Social Sciences > Industries. Land use. Labor > Management. Industrial Management
    Department:Strathclyde Business School > Management Science
    Depositing user: Pure Administrator
    Date deposited:14 Jan 2014 05:06
    Last modified:11 Nov 2024 10:34
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/46472
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