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of the European Council for Modelling and Simulation



Scenario-Based Simultaneous Investment, Financing And Operational Planning


Mike Steglich

Published in:



2020). ECMS 2020 Proceedings Edited by: Mike Steglich, Christian Muller, Gaby Neumann, Mathias Walther, European Council for Modeling and Simulation.



ISSN: 2522-2422 (ONLINE)

ISSN: 2522-2414 (PRINT)

ISSN: 2522-2430 (CD-ROM)


ISBN: 978-3-937436-68-5
ISBN: 978-3-937436-69-2(CD)


Communications of the ECMS , Volume 34, Issue 1, June 2020,

United Kingdom


Citation format:

Mike Steglich (2020). Scenario-Based Simultaneous Investment, Financing And Operational Planning, ECMS 2020 Proceedings Edited By: Mike Steglich, Christian Mueller, Gaby Neumann, Mathias Walther European Council for Modeling and Simulation. doi: 10.7148/2020-0280



Investment, financial as well as operational decisions influence each other and may lead to suboptimal decisions if decided separately. Nevertheless, they are often dealt with separately, both in literature and in practice, or they are considered under rather unrealistic assumptions. This paper describes a new approach for simultaneous investment, financial and operating planning. It is an approach under uncertainty considering different scenarios with given probabilities taking into account individual risk preferences on the basis of suitable criteria like the von Morgenstern-Neumann expected utility. It contains the choice of different investment alternatives and their disinvestment, different financing alternatives as well as the determination of the sales and production quantities on the basis of a mixed-integer linear programme with the aim of maximising the net present value (NPV) of periodical project dividends.

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