Optimal and heuristic procedures for component lot-splitting in multi-stage manufacturing systems

Article Abstract:

A multi-stage lot-sizing problem is formulated for situations in which the production of items is non-instantaneous and the demand for the end item is constant. Heuristic and optimal problem-solving procedures are developed and compared. Considerable cost savings and inventory reductions can be realized, if the component lot-splitting approach is used in favorable multi-stage manufacturing environments. The heuristic procedure is recommended when the number of items in the manufacturing environment is large or the inventory costs cannot be easily estimated.

Manufacturing processes, Manufacturing, Mathematical optimization, Optimization theory, Heuristic programming

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Piecewise loglinear estimation of efficient production surfaces

Article Abstract:

The basic properties postulated for production possibility sets are used to derive linear programming formulations, which are in turn used in loglinear estimations of efficient production surfaces. This approach allows increasing marginal products to be identified and permits estimation of S-shaped production functions. Methods for estimating production inefficiencies, rates of substitution, returns to scale, and optimal scale size are also described. A simulation study that demonstrates the usefulness of this estimation method is included.

Linear programming

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The optimality of (s, S) policies for a stochastic inventory problem with proportional and lump-sum penalty cost

Article Abstract:

A single-product, multi-period inventory problem is discussed. The penalty cost in this problem is in two portions, one independent of the size of the shortage, and the other linear in the size of the shortage. The expected total cost function for all non-increasing demand density functions is K-convex. As a result, the optimal policy for the n-period problem is (s, S).

Stochastic analysis

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