京都大学 / 0048 / 新制・課程博士 / 博士(理学) / 甲第18801号 / 理博第4059号 / 新制||理||1584(附属図書館) / 31752 / 京都大学大学院理学研究科地球惑星科学専攻 / (主査)教授 岩田 知孝, 教授 平原 和朗, 准教授 久家 慶子 / 学位規則第4条第1項該当 / Doctor of Science / Kyoto University / DGAM

Multi-period portfolio optimization (MPO) has gained a lot of interest in modern portfolio theory due to its consideration for inter-temporal trading e effects, especially market impacts and transactions costs, and for its subtle reliability on return predictability. However, because of the heavy computational demand, portfolio policies based on this approach have been sparsely explored. In that regard, a tractable MPO framework proposed by N. Gârleanu & L. H. Pedersen has been investigated. Using the stochastic control framework, the authors provided a closed form expression of the optimal policy. Moreover, they used a specific, yet flexible return predictability model. Excess returns were expressed using a linear factor model, and the predicting factors were modeled as mean reverting processes. Finally, transactions costs and market impacts were incorporated in the problem formulation as a quadratic function. The elaborated methodology considered that the market returns dynamics are governed by fast and slow mean reverting factors, and that the market transactions costs are not necessarily quadratic. By controlling the exposure to the market returns predicting factors, the aim was to uncover the importance of the mean reversion speeds in the performance of the constructed trading strategies, under realistic market costs. Additionally, for the sake of comparison, trading strategies based on a single-period mean variance optimization were considered. The findings suggest an overall superiority in performance for the studied MPO approach even when the market costs are not quadratic. This was accompanied with evidence of better usability of the factors' mean reversion speed, especially fast reverting factors, and robustness in adapting to transactions costs. / Portföljoptimering över era perioder (MPO) har fått stort intresse inom modern portföljteori. Skälet till detta är att MPO tar hänsyn till inter-temporala handelseffekter, särskilt marknadseffekter och transaktionskostnader, plus dess tillförlitlighet på avkastningsförutsägbarhet. På grund av det stora beräkningsbehovet har dock portföljpolitiken baserad på denna metod inte undersökts mycket. I det avseendet, har en underskriven MPO ramverk som föreslagits av N.Gârleanu L. H. Pedersen undersökts. Med hjälp av stokastiska kontrollramen tillhandahöll författarna formuläret för sluten form av den optimala politiken. Dessutom använde de en specifik, men ändå flexibel returförutsägbarhetsmodell. Överskjutande avkastning uttrycktes med hjälp av en linjärfaktormodell och de förutsägande faktorerna modellerades som genomsnittligaåterföringsprocesser. Slutligen inkorporerades transaktionskostnader och marknadseffekter i problemformuleringen som en kvadratisk funktion. Den utarbetade metodiken ansåg att marknadens avkastningsdynamik styrs av snabba och långsammaåterhämtningsfaktorer, och att kostnaderna för marknadstransaktioner inte nödvändigtvis är kvadratiska. Genom att reglera exponeringen mot marknaden återspeglar förutsägande faktorer, var målet att avslöja vikten av de genomsnittliga omkastningshastigheterna i utförandet av de konstruerade handelsstrategierna, under realistiska marknadskostnader. Dessutom, för jämförelses skull, övervägdes handelsstrategier baserade på en enstaka genomsnittlig variansoptimering. Resultaten tyder på en överlägsen överlägsenhet i prestanda för det studerade MPO-tillvägagångssättet, även när marknadsutgifterna inte är kvadratiska. Detta åtföljdes av bevis för bättre användbarhet av faktorernas genomsnittliga återgångshastighet, särskilt snabba återställningsfaktorer och robusthet vid anpassning till transaktionskostnader

[pt] Esta tese generaliza a variante multi-período do clássico problema da Árvore de Steiner com coleta de prêmios (PCST), que visa encontrar um subgrafo conexo que maximize os prêmios recuperados de nós conectados menos o custo de utilização das arestas conectadas. Este trabalho adicionalmente: (a) permite que vértices sejam conectados à árvore em diferentes períodos de tempo; (b) impõe um orçamento pré-definido em arestas selecionadas em um horizonte específico de períodos de tempo; e (c) limita o comprimento total de arestas que podem ser adicionadas em um período de tempo. Um algoritmo branch-and-cut é fornecido para este problema, avaliando satisfatoriamente instâncias benchmark da literatura, adaptadas para uma configuração multi-período, de até aproximadamente 2000 vértices e 200 terminais em tempo razoável. / [en] This thesis generalizes the multi-period variant of the classical Prizecollecting Steiner Tree Problem, which aims at finding a connected subgraph that maximizes the revenues collected from connected nodes minus the costs to utilize the connecting edges. This work additionally: (a) allows vertices to be added to the tree at different time periods; (b) imposes a predefined budget on edges selected over a specific horizon of time periods; and (c) limits the total length of edges that can be added over a time period. A branch-and-cut algorithm is provided for this problem, satisfactorily evaluating benchmark instances from the literature, adapted to a multi-period setting, up to approximately 2000 vertices and 200 terminals in reasonable time.

Syfte: Studiens syfte är att undersöka svenska och amerikanska företagsmäklares inställning till kundkapitalet och dess värderingsmodeller. Studien syftar även till att finna konsekvenser som en explicit redovisning av kundkapitalet skulle ha på företagsvärderingar.   Tidigare forskning: Centrala modeller i studien är Customer Lifetime Value, Customer Equity, Customer Profitability och Multi-Period Excess Earnings Model. Tidigare forskning hittas i Edvinsson och Malone (1997), Gupta et al (2004), Villanueva och Hanssens (2007), Wiesel et al., (2006) samt Hofstedes forskning om nationella dimensioner.    Metod: Studien använder metodtriangulering. Huvudsaklig primärdata genereras ur webbaserade enkäter som skickas till svenska och amerikanska företagsmäklare. Vidare utförs tre semi-strukturerade intervjuer med representanter från KPMG, Deloitte och UC. Ett chi-tvåtest utformas för att se om det finns ett samband mellan nationalitet och företagsmäklares inställning till att beakta kundkapitalet.   Slutsats: 72 procent av de deltagande företagsmäklarna och samtliga intervjupersoner anser att det är viktigt att värdera kundkapitalet. Trots detta är det endast 38 procent av enkätrespondenterna som svarar att de beaktar kundkapitalet vid värdering av kundbaserade företag. En jämförelse mellan nationaliteterna visar att svenska företagsmäklare är mer positiva till de ”nya” kundvärderingsmodellerna, främst Customer Equity och Customer Profitability. De är också mer benägna att använda dessa. Amerikanska företagsmäklare tenderar istället att använda den traditionella Multi-Period Excess Earnings Method. / Purpose: The purpose of this thesis is to investigate Swedish and American business appraisers’ attitude towards customer capital and its valuation models. This thesis also aims to find consequences that an explicit accounting of customer capital would have on business valuations.  Previous Research: Central models in this study are Customer Lifetime Value, Customer Equity, Customer Profitability and Multi-Period Excess Earnings Method. Previous research is found in Edvinsson and Malone (1997), Gupta et al., (2004), Villanueva and Hanssens (2007), Wiesel et al., (2006) and Hofstedes research regarding cultural dimensions. Method: This study uses a triangulation of methods. The main primary data is generated through internet-based questionnaires which was sent to Swedish and American business appraisers. Furthermore, three semi-structured interviews are conducted with representatives from KPMG, Deloitte and UC. A chi-Squared test is made to see if there is any relationship between nationality and business appraisers’ attitude towards taking heed of the customer capital. Conclusion:  72 per cent of the participated business appraisers and all interviewees think that it is important to value customer capital. Despite this, there are only 38 per cent of the survey respondents who say that they account for customer capital when valuing customer-based companies. A comparison between the nationalities show that Swedish business appraisers are more positive towards the “new” customer valuation models such as Customer Equity and Customer Profitability. They are also more inclined to use these. American business appraisers tend to use the more traditional Multi-Period Excess Earnings Method.

Thesis (PhD(Agric))--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The energy paradigm shift from fossil fuels to renewable energy sources is driven, among others, by a growing sustainability awareness, necessitating more sophisticated measurements in terms of a wider range of criteria. Technical efficiency, financial profitability, environmental friendliness and social acceptance are some of the factors determining the sustainability of renewable energy systems. The resulting complexity and conflicting decision criteria, however, constitute major barriers to processing the information and decision-making based on the information. Seeking to implement local bioenergy systems, policymakers of the Cape Winelands District Municipality (CWDM), South Africa, are confronted with such a problem. Following a case study approach, this study illustrates how life-cycle assessment (LCA), multi-period budgeting (MPB) and geographic information systems (GIS) can aid the decision-making process by providing financial-economic, socio-economic and environmental friendliness performance data in a structured and transparent manner, allowing for a comparison of the magnitude of each considered criterion along the life-cycle. However, as the environmental impacts cannot readily be expressed in monetary terms on a cardinal scale, these considerations are given less attention or are omitted completely in a market economy. By measuring the various considerations on an ordinal scale and by attaching weights to them using the multi-criteria decision analysis (MCDA) approach, this study, illustrates how to internalise externalities as typical market failures, aiding policymakers of the CWDM to choose the most sustainable bioenergy system. Following the LCA approach, 37 lignocellulosic bioenergy systems, encompassing different combinations of type of harvesting and primary transport, type of pretreatment (comminution, drying, and fast pyrolysis) and location thereof (roadside or landing of the central conversion plant), type of secondary transport from the roadside to the central conversion plant, and type of biomass upgrading and conversion into electricity, were assessed against five financial-economic viability criteria, three socio-economic potential criteria and five environmental impact criteria. The quantitative performance data were then, as part of the MCDA process, translated into a standardised ‘common language’ of relative performance. An expert group attached weights to the considered criteria using the analytical hierarchy process (AHP). The ‘financial-economic viability’ main criterion received a weight of almost 60%, ‘socio-economic potential’, nearly 25% and ‘lowest environmental impact’, the remainder of around 16%. Taking the prerequisite of financial-economic viability into consideration, the preferred option across all areas of the CWDM (despite various levels of productivity) comprises a feller-buncher for harvesting, a forwarder for primary transportation, mobile comminution at the roadside, secondary transport in truck-container-trailer combinations and an integrated gasification system for the conversion into electricity. / AFRIKAANSE OPSOMMING: Die energie paradigma verandering van fossielbrandstowwe na hernubare energiebronne word gedryf deur ‘n groeiende klem op volhoubaarheid, wat ook meer gesofistikeerde meting in terme van ‘n wyer verskeidenheid maatstawwe vereis. Tegniese doeltreffendheid, finansiële winsgewendheid, omgewingsvriendelikheid en sosiale aanvaarbaarheid is sommige van die faktore wat die volhoubaarheid van hernubare energie stelsels bepaal. Die verskeidenheid oorwegings bring egter kompleksiteit en konflik mee by die verwerking van inligting en die besluitneming wat daarop berus. Beleidmakers van die Kaapse Wynland Distriksmunisipaliteit wat ten doel het om plaaslik bio-energie stelsels te implementeer, word met hierdie probleem gekonfronteer. Hierdie ondersoek illustreer aan die hand van ‘n gevallestudie benadering hoe lewensiklus analise, multiperiode begroting en geografiese inligtingstelsels besluitneming kan ondersteun deur die voorsiening van finansieel-ekonomiese, sosio-ekonomiese (indiensneming) en omgewingsvriendelikheid prestasie data op ‘n gestruktureerde en deursigtige wyse. Dit maak die vergelyking van die waardes van al die kriteria by elke fase van die lewensiklus moontlik. Aangesien die omgewingseffekte nie geredelik in monetêre terme op ‘n kardinale skaal gemeet kan word nie, kry hulle binne die markekonomie minder aandag of word selfs buite rekening gelaat. Deur hierdie verskeidenheid kriteria op ‘n ordinale skaal te meet en gewigte met behulp van multikriteria besluitneming aan hulle toe te ken, toon hierdie ondersoek hoe om eksternaliteite as tipiese markmislukkings te internaliseer om beleidmakers van die Kaapse Wynland Distriksmunisipaliteit in staat te stel om die mees volhoubare bio-energie stelsel te kies. Met behulp van lewensiklus analise is 37 lignosellulose bio-energie stelsels geïdentifiseer as verskillende kombinasies van oes van die bome, primêre vervoer van houtstompe, vooraf verwerking (verspaandering, droging, vinnige pirolise), die ligging van hierdie aktiwiteite (langs ‘n plantasie of by ‘n sentrale omsettingsaanleg), tipe sekondêre vervoer van houtspaanders vanaf die plantasie na die sentrale omsettingsaanleg en tipe biomassa opgradering en omsetting van die houtspaanders na elektrisiteit. Die verskillende stelsels is gemeet aan die hand van vyf finansieel-ekonomiese kriteria, drie indiensneming potensiaal kriteria en vyf omgewingsimpak kriteria. Die kwantitatiewe metings is deur middel van multikriteria besluitneming omgeskakel na ’n gestandaardiseerde “gemeenskaplike taal” van relatiewe prestasie. Lede van ‘n ekspertgroep het gewigte is aan die onderskeie kriteria met behulp van die analitiese hierargie proses toegeken. Aan die finansieel-ekonomiese lewensvatbaarheid hoof kriterium is ‘n gewig van by die 60% toegeken, aan die indiensnemingspotensiaal bykans 25% en aan omgewingsvriendelikheid sowat 16%. Die voorkeur kombinasie vir al die areas van die Kaapse Wynland Distriksmunisipaliteit sluit in ‘n saag-bondelaar vir die oesproses, ‘n plantasie-vragmotor vir primêre vervoer, mobiele verspaandering langs die plantasie, ‘n vragmotor-skeepshouer-treiler kombinasies vir die sekondêre vervoer van houtspaanders en ‘n geïntegreerde vergassingstelsel vir die omsetting van houtspaanders na elektrisiteit.

本研究延續Shumway (2001) 從存活分析(Survival Analysis)觀點切入，利用離散型風險模型(Discrete-time Hazard Model)──亦即Shumway 所稱之多期邏輯斯迴歸模型(Multi-period Logistic Regression Model)，建立企業財務危機預警模型。研究選取1986 年至2008 年間718 家上市公司，其中110 家發生財務危機事件，共計6,782 公司/年資料 (firm-year)。有別於Shumway 提出的Log 基期風險型式，本文根據事件發生率圖提出Quadratic 基期風險型式，接著利用4組（或基於會計測量，或基於市場測量）時間相依共變量 (Time-dependent Covariate)建立2 組離散型風險模型(Log 與Quadratic)，並與傳統僅考量單期資料的邏輯斯迴歸模型比較。實證結果顯示，離散型風險模型的解釋變數與破產機率皆符合預期關係，而傳統邏輯斯迴歸模型則有時會出現不符合預期關係的情況；研究亦顯示離散型風險模型預測能力絕大多數情況下優於傳統邏輯斯迴歸模型，在所有模型組合中，以Quadratic 基期風險型式搭配財務變數、市場變數的解釋變數組合而成的離散型風險模型，擁有最佳預測能力。 / Based on the viewpoint of survival analysis from Shumway (2001), the presentthesis utilizes discrete-time hazard model, also called multi-period logistic regression model, to forecast corporate financial distress. From 1986 to 2008, this research chooses 718 listed companies within, which includes 110 failures, as the subjects, summing to 6,782 firm-year data. Being different from Shumway’s log baseline hazard form,we proposed to use quadratic baseline hazard form according to empirical evidence. Then, four groups of time-dependent covariates, which are accounting-based measure or market-based measure, are applied to build two sets of discrete-time hazard model, which is compared with the single-period logistic regression model. The results show that there exists the expected relationship between covariates and predict probability in discrete-time hazard model, while there sometimes lacks it in single-period logistic regression model. The results also show that discrete-time hazard model has better predictive capability than single-period logistic regression model. The model, which combines quadratic baseline hazard form with market and accounting variables, has the best predictive capability among all models.

Cette thèse s'intéresse au développement de stratégies de décalage de charge pouvant être appliquées à un parc de chauffe-eau Joule (CEJ).On propose une modélisation entrée-sortie du système que constitue le CEJ. L'idée est de concevoir un modèle précis et peu coûteux numériquement, qui pourrait être intégré dans un CEJ intelligent. On présente notamment un modèle phénoménologique multi-période d'évolution du profil de température dans le CEJ ainsi qu'un modèle de la demande en eau chaude. On étudie des stratégies d'optimisation pour un parc de CEJ dont la résistance peut être pilotée par un gestionnaire central. Trois cas de figures sont étudiés. Le premier concerne un petit nombre de ballons intelligents et présente une méthode de résolution d'un problème d'optimisation en temps discret. Puis, on s'intéresse à un parc de taille moyenne. Une heuristique gardant indivisibles les périodes de chauffe (pour minimiser les aléas thermo-hydrauliques) est présentée. Enfin, un modèle de comportement d'un nombre infini de ballon est présenté sous la forme d'une équation de Fokker-Planck. / This thesis focuses on the development of advanced strategies for load shifting of large groups of electric hot water tanks (EHWT).The first part of this thesis is dedicated to representing an EHWT as an input-output system. The idea is to design a simple, tractable and relatively accurate model that can be implemented inside a low-power computing unit embedded in a smart EHWT, for practical applications of optimization strategies. It includes in particular a phenomenological multi-period model of the temperature profile in the tank and a realistic domestic hot water consumption model.The second part focuses on the design of optimal control strategies for a group of tanks. Three use-cases are studied. The first one deals with a small number of smart and controllable EHWT for which we propose a discrete-time optimal resolution method. The second use-case adresses a medium-scale group of controllable tanks and proposes a heuristic which keeps the heating period undivided to minimize thermo-hydraulic hazards. Finally, we present the modelling of the behavior of a infinite population of tanks under the form of a Fokker-Planck equation.

本文主要是針對保險業及退休基金的資產負債管理議題為研究重心，延續Huang (2004)的研究，其研究是以理論求解的方式求出多期最適資產配置的唯一解，而其研究也衍生出兩個議題：首先是文中允許資產買賣空;再者其模型僅解決單期挹注資金的問題，而不考慮多期挹注資金。但這對於實際市場操作上會有一些的問題。因此本文延續了其研究，希望解決這兩個議題，讓模型更能解出一般化的資產負債管理問題。 本文所選擇的投資的標的是以一般退休基金與保險業所採用，分別是短債(short-term bonds)、永續債卷(consols)、指數連結型債券(index-linked gilts(ILG))、股票(equity)為四種投資標的，以蒙地卡羅模型模擬出4000組Wilkie 投資模型(1995)下的四種標的年報酬率以及負債年成長率，利用這些預期的模擬值找出最適的投資比例以及應該挹注的金額。而本文主要將問題化為決策變數的二次函數，並以一般化最小平方法(generalized least square,GLS)來求出決策變數，而用此方法最大的優點在於一般化最小平方法具有唯一解，且在利用軟體求解的速度相當快，因此是非常有效率的。本文探討的問題可以分成兩個部分。我們首先討論「單期挹注資金」的問題，只考慮在期初挹注資金。接著我們考慮「多期挹注資金」的問題，是在計畫期間內能將資金分成多期投入。兩者都能將目標函數化為最小平方的形式，因此本文除了找出合理的資產配置以及解決多期挹注資金的問題之外，也將重點著重於找一個能快速且精準的方法來解決資產配置的問題。 / This paper deals with the insurance and pension asset liability management issue. Huang (2004) derives a theoretical close solution of multi-period asset allocation. However, there are two further problems in his paper. First, short selling is allowable. Second, multi-period investing is not acceptable. These two restrictions sometimes are big problems in practice. This paper extends his paper and releases these two restrictions. In other words, we intend to find a solution of multi-period asset allocation so that we can invest money and change proportion of investment in each period without problems of short selling. In this paper, we use the standard asset classes used by pension or insurance funds such as short-term bonds, consols, index-linked gilts and equities. We generate thousand times of Monte Caro simulations of Wilkie investment model (1995) to predict future asset returns. Furthermore, in order to improve time-efficiency and accuracy, we derive a quadratic objective function and obtain a unique solution using sequential quadratic programming.

Made available in DSpace on 2016-06-02T19:50:16Z (GMT). No. of bitstreams: 1 4516.pdf: 2685213 bytes, checksum: 549d36e8c309231a3650ebff250bb1af (MD5) Previous issue date: 2012-06-01 / The domain of logistics is concerned with providing customers with the right product in the right place at the right time. In our modern economy, the faster pace and wider scope of logistic operations has led to complex management problems that have drawn the attention of both industry and the academic world Optimizing the number of vehicles for a determined transport system requires a trade-off between the cost of vehicle acquisition and maintenance and the penalties involved in not meeting the requirements of the system. This thesis proposes to contribute to decision making in the operational management of those companies working in the transportation of goods by road, particularly as regards the optimization of vehicle use in freight transfer between terminals. Various operational problems, especially management of the transfer fleet, involves the dynamic allocation of limited resources to meet demand. Specifically, this paper deals with the dynamic (multi-period) vehicle allocation problem (DVAP) in the road transportation of full loads between terminals. The DVAP belongs to that class of problems dealing with dynamic resource allocation and consists of defining the movements of a fleet of vehicles that transport goods between terminals with a wide geographical distribution and which interact among themselves. These movements may be of fully-laden vehicles, unladen vehicles for repositioning or vehicles held at a terminal to meet future demands. Emphasis is given to the characterization of the problem in real situations, mathematical modeling of the problem and the use of operational research techniques in solving the problem. Also, heuristics and metaheuristics such as GRASP, simulated annealing and ant colony optimization are used in the solution. The objective is to determine dynamic allocation and fleet needs in order to minimize operational costs in meeting the demand for services. The main reason for undertaking this work was the possibility of practical application, the development of integer linear programming models and both exact and heuristic methods for solutions, aiming at the practical validation of the approaches in the real operational environment of a Brazilian transport company. / O domínio das atividades logísticas é fornecer aos clientes de um sistema o produto certo, no local certo e no tempo certo. Na economia moderna, o passo acelerado e o grande escopo das operações logísticas tem fomentado problemas gerenciais complexos, atraindo a atenção da indústria e da academia. Otimizar a quantidade de veículos para um determinado sistema de transporte requer a avaliação do tradeoff entre o custo de aquisição e manutenção de veículos e penalidades associadas com o não atendimento de demandas neste sistema. Esta tese se propõe a contribuir para apoiar decisões na gestão operacional de frotas de empresas prestadoras de serviços de transporte rodoviário de cargas. Em particular, na otimização do uso de veículos nos transportes de transferências de cargas entre terminais, tendo como fator crítico e determinante a maximização da utilização dos recursos nas operações. Vários problemas operacionais, em especial o gerenciamento da frota de transferência, consistem em dinamicamente alocar recursos limitados às requisições de tarefas. Especificamente, este trabalho trata do problema da alocação dinâmica (multi-períodos) de veículos (PADV) no transporte rodoviário de cargas completas entre terminais. O PADV pertence a classe de problemas de alocação dinâmica de recursos e consiste em definir movimentos de uma frota de veículos que realiza viagens entre terminais geograficamente dispersos que interagem entre si. Estes movimentos podem ser: veículos carregados com carga completa, veículos vazios para reposicionamento, ou veículos mantidos em um terminal de um período para outro como provisão para o atendimento de demandas futuras. A ênfase é dada na caracterização do problema em situações reais, na modelagem matemática do problema e na solução do mesmo utilizando técnicas de pesquisa operacional, envolvendo ainda a utilização de heurísticas e metaheurísticas para solução, como o GRASP, o simulated annealing e a colônia de formigas. O objetivo é definir a alocação dinâmica e necessidades de frota que minimizem o custo operacional no atendimento a demandas por serviços. A principal motivação para o desenvolvimento do trabalho é a possibilidade de aplicação prática, no desenvolvimento de modelos de programação linear inteira e métodos exatos e heurísticos para as suas soluções, visando a validação prática das abordagens em um ambiente real de operação de uma empresa transportadora no Brasil.

To reduce fossil fuel consumption and carbon emission in the building sector, renewable and low carbon energy technologies are integrated in building energy systems to supply all or part of the building energy demand. In this research, an optimal supervisory controller is designed to optimize the operational cost and the CO2 emission of the integrated energy systems. For this purpose, the building energy system is defined and its boundary, components (subsystems), inputs and outputs are identified. Then a mathematical model of the components is obtained. For mathematical modelling of the energy system, a unified modelling method is used. With this method, many different building energy systems can be modelled uniformly. Two approaches are used; multi-period optimization and hybrid model predictive control. In both approaches the optimization problem is deterministic, so that at each time step the energy consumption of the building, and the available renewable energy are perfectly predicted for the prediction horizon. The controller is simulated in three different applications. In the first application the controller is used for a system consisting of a micro-combined heat and power system with an auxiliary boiler and a hot water storage tank. In this application the controller reduces the operational cost and CO2 emission by 7.31 percent and 5.19 percent respectively, with respect to the heat led operation. In the second application the controller is used to control a farm electrification system consisting of PV panels, a diesel generator and a battery bank. In this application the operational cost with respect to the common load following strategy is reduced by 3.8 percent. In the third application the controller is used to control a hybrid off-grid power system consisting of PV panels, a battery bank, an electrolyzer, a hydrogen storage tank and a fuel cell. In this application the controller maximizes the total stored energies in the battery bank and the hydrogen storage tank.