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Minimum Average Cost Production Planning in Stochastic Manufacturing SystemsSuresh SethiUniversity of Texas at Dallas - Naveen Jindal School of Management Hanqin ZhangChinese Academy of Sciences (CAS) - Academy of Mathematics and Systems Sciences Qing ZhangUniversity of Georgia - Department of Mathematics Mathematical Models and Methods in Applied Sciences, Vol. 8, No. 7, pp. 1251-1276, November 1998 Abstract: Recently, the production control problem in stochastic manufacturing systems has generated a great deal of interest. The goal is to obtain production rates to minimize total expected surplus and production cost. This paper reviews the research devoted to minimum average cost production planning problems in stochastic manufacturing systems. Manufacturing systems involve a single or parallel failure-prone machines producing a number of different products, random production capacity, and constant demands.
Number of Pages in PDF File: 25 Keywords: Dynamic programming, manufacturing systems, long-run average cost minimization, unreliable machines, production planning JEL Classification: M11, C61 Accepted Paper SeriesDate posted: April 18, 2008Suggested CitationContact Information
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