Witthayapraphakorn, A.; Jaijit, S.; Charnsethikul, P. LP-Based Row Generation Using Optimization-Based Sorting Method for Solving Budget Allocation with a Combinatorial Number of Constraints. Computation2023, 11, 242.
Witthayapraphakorn, A.; Jaijit, S.; Charnsethikul, P. LP-Based Row Generation Using Optimization-Based Sorting Method for Solving Budget Allocation with a Combinatorial Number of Constraints. Computation 2023, 11, 242.
Witthayapraphakorn, A.; Jaijit, S.; Charnsethikul, P. LP-Based Row Generation Using Optimization-Based Sorting Method for Solving Budget Allocation with a Combinatorial Number of Constraints. Computation2023, 11, 242.
Witthayapraphakorn, A.; Jaijit, S.; Charnsethikul, P. LP-Based Row Generation Using Optimization-Based Sorting Method for Solving Budget Allocation with a Combinatorial Number of Constraints. Computation 2023, 11, 242.
Abstract
A novel approach was developed that combined LP-based row generation with optimization-based sorting to tackle computational challenges posed by budget allocation problems with combinatorial constraints. The proposed approach dynamically generated constraints using row generation and prioritized them using optimization-based sorting to ensure a high-quality solution. Computational experiments and case studies revealed that as the problem size increased, the proposed approach outperformed simplex solutions in terms of solution search time. Specifically, for a problem with 50 projects (N = 50) and 2,251,799,813,685,250 constraints, the proposed approach found a solution in just 1.4 seconds, while LP failed due to the problem size. The proposed approach demonstrated enhanced computational efficiency and solution quality compared to traditional LP methods.
Keywords
row generation; sorting method; linear programming; large-scale problem; budget allocation; capital budgeting
Subject
Computer Science and Mathematics, Computational Mathematics
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
