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Machine learning and optimization-based modeling for asset management: a case study

delete2020-12-23
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AI
A
Andrés Muñoz‐Villamizar *
C
Carlos Yohan Rafavy
J
Justin Casey
DOI:10.1108/IJPPM-05-2020-0206delete
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摘要

摘要

En 中文
Purpose This research is inspired by a real case study from a pump rental business company across the US. The company was looking to increase the utilization of its rental assets while, at the same time, keeping the cost of fleet mobilization as efficient as possible. However, decisions for asset movement between branches were largely arranged between individual branch managers on an as-needed basis. Design/methodology/approach The authors propose an improvement for the company's asset management practice by modeling an integrated decision tool which involves evaluation of several machine learning algorithms for demand prediction and mathematical optimization for a centrally-planned asset allocation. Findings The authors found that a feed-forward neural network (FNN) model with single hidden layer is the best performing predictor for the company's intermittent product demand and the optimization model is proven to prescribe the most efficient asset allocation given the demand prediction from FNN model. Practical implications The implementation of this new tool will close the gap between the company's current and desired future level of operational performance and consequently increase its competitiveness Originality/value The results show a superior prediction performance by a feed-forward neural network model and an efficient allocation decision prescribed by the optimization model.
Keyword:
Asset management
Machine learning
Optimization
Case study

期刊

International Journal of Productivity and Performance Management 封面图
International Journal of Productivity and Performance Management
IF:
3.5
论文数:
778
被引数:
4.4K

机构

U
Universidad de La Sabana
学者数:
1.6K
论文数: 870
被引数: 741
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