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.

Dynamic programming

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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.

Analysis, Production control, Production engineering research

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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.

Models

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