The Stochastic Economic Lot Scheduling Problem: Heavy Traffic Analysis of Dynamic Cyclic Policies (Classic Reprint) - Hardcover

David Maxwell Markowitz

Hardcover

ISBN 10: 0484155857 ISBN 13: 9780484155854

Publisher: Forgotten Books, 2018

Synopsis

Explore the Stochastic Economic Lot Scheduling Problem through a practical, heavy-traffic lens.

This work analyzes how dynamic cyclic policies can guide production scheduling when multiple products compete for a single machine, balancing inventory and setup costs under uncertainty.

In clear, accessible terms, the book connects theory to real-world make-to-stock environments. It explains how a server can routinely decide to produce, switch products, or idle, and what this means for holding and backorder costs across products. The discussion contrasts setup costs and setup times, and shows how cost symmetry or asymmetry shapes the optimal policy. Readers will see how diffusion control methods and heavy-traffic ideas help simplify a complex, nonlinear problem into tractable analysis and numerical solutions.

• Learn how dynamic cyclic policies operate across products in a single-machine setting.
• Understand the role of workload, inventory levels, and switching costs in shaping optimal decisions.
• See how diffusion approximations and heavy-traffic ideas yield insights and practical algorithms.
• Discover how the proposed policies compare to traditional straw policies in two- and multi-product cases.

Ideal for readers of operations management and applied optimization who want a rigorous, but approachable, treatment of a challenging scheduling problem and its practical implications.

Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• Language: English
• ISBN 10: 0484155857
• ISBN 13: 9780484155854
• Binding: Hardcover
• Number of pages: 66