Modeling with Stochastic Programming

Abstract: 

There are many deep papers on the mathematics and algorithmics of stochastic programming. But why should we, as operations research people interested in transportation and logistics, care? The world is stochastic for sure, but does that imply that we need stochastic models to get good decisions? And if we embark on a genuine application, where real money is involved, what are the modeling questions we need to pose? What are the steps we need to take before we arrive at mathematical and algorithmic challenges? 

About the Speaker:
Stein W. Wallace is a Professor of Operational Research and leader of the Centre for Shipping and Logistics at NHH Norwegian School of Economics. He received his Dr. Scient degree in informatics from the University of Bergen in 1984. He has earlier held professorships at for example Lancaster University Management School, The Chinese University of Hong Kong, Molde University College and NTNU, as well as visiting positions at for example Business School of Sichuan University in Chengdu, IBM Watson Research in NY, Columbia University, ENP Grenoble, France and The University of Washington.

Wallace has published more than 120 papers in internationally leading journals such as Operations Research, Management Science, Production and Operations Management, Transportation Science, Transportation Research A, B and D and E, Mathematical Programming, European Journal of Operational Research, and INFORMS Journal on Computing. He is best known for his work in stochastic programming, in particular the two books Stochastic Programming (with Peter Kall from 1994) and Modeling with stochastic programming (with Alan King from 2012, Second Edition n 2024), but also for work in logistics and energy systems. He has over 14000 citations.

He has been on numerous editorial boards, including INFORMS Journal on Computing (1990-2018). He founded the Norwegian OR Society and has held elected positions in The British OR Society as well as The Society for Transportation and Logistics in INFORMS, The Mathematical Programming Society and EURO.