search query: @author Fine, C. H. / total: 6
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| Author: | Fine, C. H. Porteus, E. L. |
| Title: | Dynamic process improvement. |
| Journal: | Operations Research
1989 : JUL-AUG, VOL. 37:4, p. 580-591 |
| Index terms: | TECHNOLOGICAL INNOVATION QUALITY CONTROL DYNAMIC PROGRAMMING |
| Language: | eng |
| Abstract: | The economics of investing in gradual process improvement, typified by the just-in-time and total quality control philosophies, are explored. Results are formulated for the problem of setup cost and process quality. The policy that maximizes the immediate return is called the last chance policy, because it gives the optimal amount to invest if there is only one last chance to do so. The last chance policy, which is relatively easy to determine, gives a great deal of information about the optimal policy, which may not be easy to determine. Numerous general results are presented for the model, including conditions under which it is optimal to pursue process improvements forever, toward zero defects or zero setup costs. |
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