A multi-stage optimization model for flexibility in engineering design
Electrical and Computer Engineering,
Industrial and Manufacturing Systems Engineering
Engineered systems often operate in uncertain environments. Understanding different environments under which a system will operate is important in engineering design. Thus, there is a need to design systems with the capability to respond to future changes. This research explores designing a hybrid renewable energy system while taking into account long-range uncertainties of 20 years. The objective is to minimize the expected cost of the hybrid renewable energy system over the next 20 years. A design solution may be flexible, which means that the design can be adapted or modified to meet different scenarios in the future. The value of flexibility can be measured by comparing the expected cost without flexibility and expected cost with flexibility. The results show that a flexible design for hybrid renewable systems can decrease the expected cost by approximately 30%.