Dynamic control charts for finite production runs

Article Abstract:

A dynamic programming model is proposed for the optimization of statistical process control for finite production runs. The model is based on economic factors. It can be used to design one-sided and two-sided control charts with variable sampling intervals, sample sizes and control limits. It shows that dynamic process control schemes can effect significant cost reductions and that even more cost reductions can be achieved via technical improvements such as variance reduction and automatic detection of assignable causes.

Production control, Statistical process control

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Optimal stopping problem with recall cost

Article Abstract:

An optimal stopping problem with recall cost was presented in which some of the cost must be paid to accept the best offer y. The model's optimal decision rule may possess a property called the double reservation value in which two different critical values exist for at least one current offer. In the model, the recall cost is viewed as a vital factor and is reasonable to consider such cost. Such cost substantially decreases the value of a past offer.

Product Development, Models, Optimal stopping (Mathematical statistics)

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A submodular approach to discrete dynamic programming

Article Abstract:

The development of a duality for dynamic programming (DP) for the shortest route problem is examined. The analysis is premised on the role of submodular functions in discrete optimization problems. It is shown that the development of such a DP duality generates the multidimensional knapsack problem. However, the developed dual does not have any computational advantage since such path problems are well solved.

Duality theory (Mathematics), Functions (Mathematics), Functions

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