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Author: | Krauth, J. Warschat, J. |
Title: | An optimal production-mix model. |
Journal: | European Journal of Operational Research
1989 : SEP 25, VOL. 42:2, p. 142-151 |
Index terms: | PRODUCTION MODELS INVENTORIES |
Language: | eng |
Abstract: | A simple model of a production process for two products is analyzed. The basic problem is to find an optimal solution to the conflict that production has to meet a given, generally time-varying demand but the sum of costs for variations in production rate and for inventory-holding has to be minimized. A constant production rate results in high inventory-holding costs, whereas small inventory requires variations of the production rate according to variations in demand. In general, the result is some 'production-smoothing'. Conditions for the optimality of simultaneous and separate production are given. Variations of the parameters yield convex and nonconvex Hamiltonians and substantially different solutions. Two examples illustrate the results. |
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