The eclectic model for stochastic dynamic production cycling problem

Article Abstract:

An eclectic model based on the branch and bound algorithm is proposed for calculating the items and the production quantities that would minimize the expectation of production costs, shortage costs, inventory-holding costs and setup costs. The procedure is applied to a production system that processes multi-item products using a single machine by turns to meet time-varying stochastic demand in finite planning horizon with discrete periods. The items are considered as variables to be computed at the start of the planning horizon while the production quantities are treated as a policy.

Scheduling (Management), Branch and bound algorithms

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An optimal solution algorithm for the constant lot-size model with equal and unequal sized batch shipments for the single product multi-stage production system

Article Abstract:

A heuristic mathematical model has been created to establish the economic lot and batch sizes for a particular product at each phase of production. This particular model factors in the assumption that the largest economic batch size is not in excess of transport equipment capability. The model has been tested on several cases and has been found to attain better answers than those achieved by an earlier, similar model.

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Optimal inventory control policy subject to different selling prices of perishable commodities

Article Abstract:

The optimal inventory control policy for perishable commodities is considered using a perishable inventory model based on the Markov chain. The model takes into account the different selling prices of perishable goods under stochastic demand and provides different lifetimes of the commodities. Numerical examples show that an optimal ordering policy can be derived by maximizing the expected average profit per period.

Inventory Control, Markov processes, Perishable goods

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