Two-Stage Stochastic Optimization in Excel: A Hotel Booking Example

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This is our first concrete example of a two-stage stochastic optimization problem: faced with several different possible attendance scenarios for an upcoming conference, how many hotel rooms to book in advance (at a discounted price) so that the expected cost of lodging all conference attendees is minimized.

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Thanks a lot. I found this example easier to follow than the farmer's example to clear the initial doubts about two-stage stochastic programming.

alexandersmith

A good example for beginners in SP. Thanks, Dr. Yunes.

srinivasanbalan

This was a great explanation. I am taking a graduate class under the civil engineering department and our homework has us solve a two-stage linear programming problem related to flood plain planning. I appreciate the time you put into sharing this.

stephanie_ong

Thank you so much. You have explained it so clearly. Wonderful.

id-dlrg

Thank you very much, Sir. This is a very clear explanation and super useful for me as a nurse scheduling problem researcher.

pavineer

Thank you so much for this video.. can you make an example with energy optimization..TIA!

JosGandosKotosKotos

Hello Mr. Yunes,

aren't there multiple solutions for u and o to make the equation true again?
For example in scenario 1 with demand 300. If we choose r=400, o is 100 and u is 0. But what stops the program from setting o to 200 and u to 100? The equation would still be correct and o and u are non-negative values. This would have impact on the objective function, so it cannot be ignored.
Thank you in advance!

MuffinInThaHouse

Dear professor, thank you so much for this enlightening video. but when i try to solve it by myself excel solver put "0" in overage cell every single time. i couldn't find where i did wrong. should i add another constraint in solver ?

ahmedihsansimsek

shouldnt we multiply by 212 instead of 52 in the objective function?

avijain

is it possible to solve this problem without excel or computer programs?

seyyiduz

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