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

T. Karsu, Alec Morton

Research output: Contribution to journalArticle

15 Citations (Scopus)

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.
LanguageEnglish
Pages70-82
Number of pages13
JournalOmega
Volume44
Early online date1 Nov 2013
DOIs
Publication statusPublished - 1 Apr 2014

Fingerprint

Modeling
Bicriteria
Resource allocation
Portfolio selection
Funding
Allocation problem
Trade-offs

Keywords

  • allocation
  • decision making
  • decision processes
  • mathematical programming
  • multicriteria

Cite this

@article{1af3583054bc4587bdc375e3bb2b683f,
title = "Incorporating balance concerns in resource allocation decisions: a bi-criteria modelling approach",
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.",
keywords = "allocation, decision making, decision processes, mathematical programming, multicriteria",
author = "T. Karsu and Alec Morton",
note = "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",
year = "2014",
month = "4",
day = "1",
doi = "10.1016/j.omega.2013.10.006",
language = "English",
volume = "44",
pages = "70--82",
journal = "Omega",
issn = "0305-0483",

}

Incorporating balance concerns in resource allocation decisions : a bi-criteria modelling approach. / Karsu, T.; Morton, Alec.

In: Omega, Vol. 44, 01.04.2014, p. 70-82.

Research output: Contribution to journalArticle

TY - JOUR

T1 - Incorporating balance concerns in resource allocation decisions

T2 - Omega

AU - Karsu, T.

AU - Morton, Alec

N1 - 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

PY - 2014/4/1

Y1 - 2014/4/1

N2 - 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.

AB - 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.

KW - allocation

KW - decision making

KW - decision processes

KW - mathematical programming

KW - multicriteria

UR - http://www.scopus.com/inward/record.url?scp=84887790949&partnerID=8YFLogxK

U2 - 10.1016/j.omega.2013.10.006

DO - 10.1016/j.omega.2013.10.006

M3 - Article

VL - 44

SP - 70

EP - 82

JO - Omega

JF - Omega

SN - 0305-0483

ER -