With the rapid advancements in technology and science,optimization theory and algorithms have become increasingly important.A wide range of real-world problems is classified as optimization challenges,and meta-heurist...With the rapid advancements in technology and science,optimization theory and algorithms have become increasingly important.A wide range of real-world problems is classified as optimization challenges,and meta-heuristic algorithms have shown remarkable effectiveness in solving these challenges across diverse domains,such as machine learning,process control,and engineering design,showcasing their capability to address complex optimization problems.The Stochastic Fractal Search(SFS)algorithm is one of the most popular meta-heuristic optimization methods inspired by the fractal growth patterns of natural materials.Since its introduction by Hamid Salimi in 2015,SFS has garnered significant attention from researchers and has been applied to diverse optimization problems acrossmultiple disciplines.Its popularity can be attributed to several factors,including its simplicity,practical computational efficiency,ease of implementation,rapid convergence,high effectiveness,and ability to address singleandmulti-objective optimization problems,often outperforming other established algorithms.This review paper offers a comprehensive and detailed analysis of the SFS algorithm,covering its standard version,modifications,hybridization,and multi-objective implementations.The paper also examines several SFS applications across diverse domains,including power and energy systems,image processing,machine learning,wireless sensor networks,environmental modeling,economics and finance,and numerous engineering challenges.Furthermore,the paper critically evaluates the SFS algorithm’s performance,benchmarking its effectiveness against recently published meta-heuristic algorithms.In conclusion,the review highlights key findings and suggests potential directions for future developments and modifications of the SFS algorithm.展开更多
Combined heat and power(CHP)generation is a valuable scheme for concurrent generation of electrical and thermal energies.The interdependency of power and heat productions in CHP units introduces complications and non-...Combined heat and power(CHP)generation is a valuable scheme for concurrent generation of electrical and thermal energies.The interdependency of power and heat productions in CHP units introduces complications and non-convexities in their modeling and optimization.This paper uses the stochastic fractal search(SFS)optimization technique to treat the highly non-linear CHP economic dispatch(CHPED)problem,where the objective is to minimize the total operation cost of both power and heat from generation units while fulfilling several operation interdependent limits and constraints.The CHPED problem has bounded feasible operation regions and many local minima.The SFS,which is a recent metaheuristic global optimization solver,outranks many current reputable solvers.Handling constraints of the CHPED is achieved by employing external penalty parameters,which penalize infeasible solution during the iterative process.To confirm the strength of this algorithm,it has been tested on two different test systems that are regularly used.The obtained outcomes are compared with former outcomes achieved by many different methods reported in literature of CHPED.The results of this work affirm that the SFS algorithm can achieve improved near-global solution and compare favorably with other commonly used global optimization techniques in terms of the quality of solution,handling of constraints and computation time.展开更多
Purpose-Optimum utilization of investments has always been considered one of the most crucial aspects of capital markets.Investment into various securities is the subject of portfolio optimization intent to maximize r...Purpose-Optimum utilization of investments has always been considered one of the most crucial aspects of capital markets.Investment into various securities is the subject of portfolio optimization intent to maximize return at minimum risk.In this series,a population-based evolutionary approach,stochastic fractal search(SFS),is derived from the natural growth phenomenon.This study aims to develop portfolio selection model using SFS approach to construct an efficient portfolio by optimizing the Sharpe ratio with risk budgeting constraints.Design/methodology/approach-This paper proposes a constrained portfolio optimization model using the SFS approach with risk-budgeting constraints.SFS is an evolutionary method inspired by the natural growth process which has been modeled using the fractal theory.Experimental analysis has been conducted to determine the effectiveness of the proposed model by making comparisons with state-of-the-art from domain such as genetic algorithm,particle swarm optimization,simulated annealing and differential evolution.The real datasets of the Indian stock exchanges and datasets of global stock exchanges such as Nikkei 225,DAX 100,FTSE 100,Hang Seng31 and S&P 100 have been taken in the study.Findings-The study confirms the better performance of the SFS model among its peers.Also,statistical analysis has been done using SPSS 20 to confirm the hypothesis developed in the experimental analysis.Originality/value-In the recent past,researchers have already proposed a significant number of models to solve portfolio selection problems using the meta-heuristic approach.However,this is the first attempt to apply the SFS optimization approach to the problem.展开更多
基金supported by Prince Sattam bin Abdulaziz University for funding this research work through the project number(2024/RV/06).
文摘With the rapid advancements in technology and science,optimization theory and algorithms have become increasingly important.A wide range of real-world problems is classified as optimization challenges,and meta-heuristic algorithms have shown remarkable effectiveness in solving these challenges across diverse domains,such as machine learning,process control,and engineering design,showcasing their capability to address complex optimization problems.The Stochastic Fractal Search(SFS)algorithm is one of the most popular meta-heuristic optimization methods inspired by the fractal growth patterns of natural materials.Since its introduction by Hamid Salimi in 2015,SFS has garnered significant attention from researchers and has been applied to diverse optimization problems acrossmultiple disciplines.Its popularity can be attributed to several factors,including its simplicity,practical computational efficiency,ease of implementation,rapid convergence,high effectiveness,and ability to address singleandmulti-objective optimization problems,often outperforming other established algorithms.This review paper offers a comprehensive and detailed analysis of the SFS algorithm,covering its standard version,modifications,hybridization,and multi-objective implementations.The paper also examines several SFS applications across diverse domains,including power and energy systems,image processing,machine learning,wireless sensor networks,environmental modeling,economics and finance,and numerous engineering challenges.Furthermore,the paper critically evaluates the SFS algorithm’s performance,benchmarking its effectiveness against recently published meta-heuristic algorithms.In conclusion,the review highlights key findings and suggests potential directions for future developments and modifications of the SFS algorithm.
文摘Combined heat and power(CHP)generation is a valuable scheme for concurrent generation of electrical and thermal energies.The interdependency of power and heat productions in CHP units introduces complications and non-convexities in their modeling and optimization.This paper uses the stochastic fractal search(SFS)optimization technique to treat the highly non-linear CHP economic dispatch(CHPED)problem,where the objective is to minimize the total operation cost of both power and heat from generation units while fulfilling several operation interdependent limits and constraints.The CHPED problem has bounded feasible operation regions and many local minima.The SFS,which is a recent metaheuristic global optimization solver,outranks many current reputable solvers.Handling constraints of the CHPED is achieved by employing external penalty parameters,which penalize infeasible solution during the iterative process.To confirm the strength of this algorithm,it has been tested on two different test systems that are regularly used.The obtained outcomes are compared with former outcomes achieved by many different methods reported in literature of CHPED.The results of this work affirm that the SFS algorithm can achieve improved near-global solution and compare favorably with other commonly used global optimization techniques in terms of the quality of solution,handling of constraints and computation time.
基金This work is supported by the major research project funded by ICSSR with sanction No.F.No.-02/47/2019–20/MJ/RP.
文摘Purpose-Optimum utilization of investments has always been considered one of the most crucial aspects of capital markets.Investment into various securities is the subject of portfolio optimization intent to maximize return at minimum risk.In this series,a population-based evolutionary approach,stochastic fractal search(SFS),is derived from the natural growth phenomenon.This study aims to develop portfolio selection model using SFS approach to construct an efficient portfolio by optimizing the Sharpe ratio with risk budgeting constraints.Design/methodology/approach-This paper proposes a constrained portfolio optimization model using the SFS approach with risk-budgeting constraints.SFS is an evolutionary method inspired by the natural growth process which has been modeled using the fractal theory.Experimental analysis has been conducted to determine the effectiveness of the proposed model by making comparisons with state-of-the-art from domain such as genetic algorithm,particle swarm optimization,simulated annealing and differential evolution.The real datasets of the Indian stock exchanges and datasets of global stock exchanges such as Nikkei 225,DAX 100,FTSE 100,Hang Seng31 and S&P 100 have been taken in the study.Findings-The study confirms the better performance of the SFS model among its peers.Also,statistical analysis has been done using SPSS 20 to confirm the hypothesis developed in the experimental analysis.Originality/value-In the recent past,researchers have already proposed a significant number of models to solve portfolio selection problems using the meta-heuristic approach.However,this is the first attempt to apply the SFS optimization approach to the problem.
