Investigating sensitivity and the impact of information on pricing decisions in an M/M/1/infinity queueing model

Article Abstract:

A study investigated optimal pricing decisions for a generic machine job shop using a single server M/M/1/infinity queueing model where potential arriving clients enters the system if their net benefit, which is drawn for a stochastic variable, is positive. The optimal price is based on welfare optimization and profit optimization. Two models are considered in tackling the problem, the no-information and queue length models. The analysis considers only uniformly distributed awards.

Machine Job Shops, Machine Shops, Pricing Policy, Industrial machinery, not elsewhere classified, Models, Usage, Prices and rates, Pricing, Mathematical models, Poisson distribution

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Minimum cost single and double screening procedures with dichotomous performance variable

Article Abstract:

The feasibility of using minimum cost single and double screening procedures for the complete inspection of products was evaluated. The procedures, which use two screening variables instead of one dichotomous performance variable, were analyzed using cost models that take into account the inspection cost and the costs of misclassification errors. The procedures have proven to be very useful for evaluating the quality of finished products.

Methods, Quality control, Current value accounting

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