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

David Maxwell Markowitz

 
9781332283088: The Stochastic Economic Lot Scheduling Problem: Heavy Traffic Analysis of Dynamic Cyclic Policies (Classic Reprint)

Synopsis

This book delves into the complex world of stochastic economic lot scheduling problems, a crucial aspect of manufacturing and inventory management. The author extends existing knowledge by examining two specific variants of the problem: setup costs and setup times, and their impact on scheduling. The book is groundbreaking in its use of diffusion control problems to approximate the setup cost problem, allowing for an exact solution. For the setup time problem, the author develops structural results and an algorithmic procedure to optimize the scheduling policy. The significance of this book lies in its provision of a deeper understanding of the stochastic economic lot scheduling problem, offering valuable insights for researchers, practitioners, and students in the fields of operations research, supply chain management, and manufacturing. The book's findings serve as a valuable contribution to the optimization of dynamic scheduling policies in real-world production and inventory systems.

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