Some insights regarding selecting sets of scenarios in combinatorial stochastic problems
Article Abstract:
The viability of employing a small sampling of all possible random scenarios to reduce the size of stochastic combinatorial problems was demonstrated in the development of a solution to the multi-item news vendor problem. To this end, descriptive and random sampling methods for selecting the scenarios were evaluated using a simple and a complex version of the problem. The results indicated that the cost penalties incurred with the descriptive sampling were 'very small even with a low number of scenarios.'
Publication Name: International Journal of Production Economics
Subject: Engineering and manufacturing industries
ISSN: 0925-5273
Year: 1996
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A simple case of preventive maintenance decision-making with limited historical data
Article Abstract:
Machine breakdown can be considered inevitable following periods of extended operations. Preventive maintenance should therefore be applied at regular intervals to anticipate such an eventuality. Mathematical models which assume known distributions have been developed for equipment maintenance. However, these models actually have minimal historical data on operating time. Thus, a simple case for equipment maintenance which considers earlier model restrictions must be developed.
Publication Name: International Journal of Production Economics
Subject: Engineering and manufacturing industries
ISSN: 0925-5273
Year: 1992
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