Periodic review production models with variable capacity, random yield, and uncertain demand
Article Abstract:
The production planning problem is considered in a periodic review environment with uncertain production capacity, yields and demand. The random yields and variable capacity are incorporated into periodic review production model. Their impact on the production planning decisions are examined. The production planning problem is characterized as a stochastic dynamic program to reduce the total discounted expected costs comprising of production, holding and shortage costs. Such cost are minimized for a multi-period problem by demonstrating that the objective function is quasi-convex and that the optimal policy is of a 'reorder-point' type. Results show that the solutions for the finite-horizon problem and the infinite-horizon problem converge.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Component commonality with service level requirements
Article Abstract:
A model featuring an arbitrary number of products with a general joint demand distribution is developed for examining the impact of component commonality on stocking levels. In the case of rationed common components a service-level measure is used and evaluated. Results show emerging patterns when the cost structure form is simple, but nothing inclusive is determined about the resulting changes in components' stock levels.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1988
User Contributions:
Comment about this article or add new information about this topic:
The effect of commonality on safety stock in a simple inventory model
Article Abstract:
The article examines component commonality for optimal safety stock levels in the two-level, two-product inventory model. The system safety stock is minimized by the criteria, according to the constraint on service level. The unique model provides insights that are not available with additional multilevel inventory models.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1986
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Deterministic approximations to co-production problems with service constraints and random yields. A mathematical programming approach to a deterministic Kanban system
- Abstracts: The maximal covering location problem with capacities on total workload. The siting of emergency service facilities with workload capacities and backup service
- Abstracts: Determining optimal reorder intervals in capacitated production-distribution systems. Stock allocation in a two-echelon distribution system or 'what to do until your ship comes in'
- Abstracts: Variability reduction through operations reversal. Economic models for vendor evaluation with quality cost analysis
- Abstracts: Experience and error frequency knowledge as potential determinants of audit expertise. Sequential belief revision in auditing