Minimum Average Cost Production Planning in Stochastic Manufacturing Systems

Mathematical Models and Methods in Applied Sciences, Vol. 8, No. 7, pp. 1251-1276, November 1998

25 Pages Posted: 18 Apr 2008 Last revised: 30 Apr 2014

See all articles by Suresh Sethi

Suresh Sethi

University of Texas at Dallas - Naveen Jindal School of Management

Hanqin Zhang

Chinese Academy of Sciences (CAS) - Academy of Mathematics and Systems Sciences

Qing Zhang

University of Georgia - Department of Mathematics

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.

Keywords: Dynamic programming, manufacturing systems, long-run average cost minimization, unreliable machines, production planning

JEL Classification: M11, C61, M20

Suggested Citation

Sethi, Suresh and Zhang, Hanqin and Zhang, Qing, Minimum Average Cost Production Planning in Stochastic Manufacturing Systems. Mathematical Models and Methods in Applied Sciences, Vol. 8, No. 7, pp. 1251-1276, November 1998. Available at SSRN: https://ssrn.com/abstract=1121543

Suresh Sethi (Contact Author)

University of Texas at Dallas - Naveen Jindal School of Management ( email )

800 W. Campbell Road, SM30
Richardson, TX 75080-3021
United States

Hanqin Zhang

Chinese Academy of Sciences (CAS) - Academy of Mathematics and Systems Sciences ( email )

Zhong-Guan-Cun-Dong-Lu 55, Haidian District
Beijing, Beijing 100080
China

Qing Zhang

University of Georgia - Department of Mathematics ( email )

Athens, GA 30602
United States
(706) 542-2616 (Phone)
(706) 542-2573 (Fax)

HOME PAGE: http://www.math.uga.edu/~qingz/

Register to save articles to
your library

Register

Paper statistics

Downloads
114
Abstract Views
1,050
rank
244,098
PlumX Metrics