Operations Research in Production Planning, Scheduling, and Inventory Control

Size: px
Start display at page:

Download "Operations Research in Production Planning, Scheduling, and Inventory Control"

Transcription

1 TECHNISCHE HOCHSCHULE DARMSTADT Fachbereich 1 Ges am t b i bj_[o_t he_k Bet ri eb? wi rtscha\ \ si eh re Inventar-Nr. : Abstell-Nr. : Sachgebiete:.^~ Operations Research in Production Planning, Scheduling, and Inventory Control Lynwood A. Johnson Douglas C. Montgomery Georgia Institute of Technology JOHN WILEY & SONS, INC; New York London Sydney Toronto

2 CONTENTS Chapter 1 Analysis of Production-Inventory Systems THE PROBLEM ENVIRONMENT ' The Material Flow System Types of Systems Decision Problems Criteria for Decisions AN OVERVIEW OF THE BOOK REFERENCES 11 Chapter 2 Inventory Systems INTRODUCTION 13

3 2-1.1 Inventory Problems Functions of Inventories Measures of Effectiveness Uncertainty in Inventory Processes Inventory Policies Analysis of Inventory Systems DETERMINISTIC SINGLE-ITEM MODELS WITH STATIC DEMAND MULTIPLE ITEMS AND CONSTRAINTS QUANTITY DISCOUNTS 37 '> All-Units Discounts Incremental Discounts STOCHASTIC SINGLE-PERIOD MODELS PERIODIC REVIEW MODELS Multiperiod Models with No Fixed Ordering Cost Multiperiod Models with a Fixed Ordering Cost A Heuristic Treatment of the Periodic Review Case with Backorders CONTINUOUS REVIEW MODELS A Heuristic Treatment of the Fixed Reorder Quantity Policy with Backorders A Heuristic Treatment of the Fixed Reorder ' Quantity System with Lost Sales Base Stock Systems with Constant Lead Times Base Stock Systems with Variable Lead Times LOT-SIZE PROBLEMS WITH DYNAMIC DEMAND Continuous Review Lot-Size Problem Periodic Review Lot-Size Problem REFERENCES EXERCISES 79 Chapter 3 Production Planning Static Models INTRODUCTION PRODUCT MIX DECISIONS Linear Programming Formulations Stochastic Product Mix Problems 110 X

4 3-3 PROCESS SELECTION PROBLEMS BLENDING PROBLEMS, SIMULTANEOUS PRODUCTION OF MULTIPLE PRODUCTS BY A SINGLE ACTIVITY SINGLE-FACILITY LOT-SIZE PROBLEMS MULTIPERIOD PLANNING UNDER STATIC PROBABILISTIC DEMAND Markov Models and Optimal Periodic Review Policies A Model with Demand Dependent Upon Service Time MULTISTAGE PLANNING PROBLEMS Linear Programming Models A Single-Period Stochastic Model Multistage Base Stock Systems A Multistage Periodic Review Model with Stochastic Demand Multistage Economic Lot-Size Problems REFERENCES EXERCISES 167 Chapter 4 Production Planning Dynamic Models INTRODUCTION MODELS WITH LINEAR COSTS A Model with Only Production and Inventory Costs A Model with Production Rate Change Costs and Backlogging -" A Model with Employment Level and Overtime Decisions DYNAMIC PROGRAMMING AND NETWORK MODELS A General Dynamic Programming Model Network Representations Models with Convex Costs Models with Concave Costs PRODUCTION AND WORK FORCE SMOOTHING Smoothing Problems and Aggregate Planning 225 XJ

5 4-4.2 Models with Production Change Costs Models with Work Force Change Costs Other Approaches to Aggregate Planning ADAPTIVE MODELS FOR PRODUCTION CONTROL Production Control Rules Effect on Production and Inventories MULTIPRODUCT MODELS Multiproduct Linear Programming Models Multiproduct Models with Nonlinear Costs MULTISTAGE MODELS 258 is Structure of Multistage Models Linear Programming Models Network Models STOCHASTIC MODELS Dynamic Programming Models for a Single Product Chance-Constrained Programming Models REFERENCES' EXERCISES 296 Chapter 5 Operations Scheduling INTRODUCTION JOB SHOP SCHEDULING n Jobs, One Machine n Jobs, Two Machines n Jobs, Three Machines Two Jobs, m Machines ' n Jobs, m Machines Scheduling to Minimize Total Setup Costs Priority Dispatching in Dynamic Job Shops PROJECT SCHEDULING The Critical Path Method (CPM) Program Evaluation and Review Technique (PERT) Resource Allocation in Project Network Models ASSEMBLY LINE BALANCING Mathematical Programming Formulations Heuristic Assembly Line Balancing Procedures 368 XII

6 5-5 REFERENCES EXERCISES 376 Chapter 6 Forecasting Systems 399 3QQ 6-1 INTRODUCTION Nature and Uses of Forecasts Sources of Data Models and Criteria REGRESSION METHODS MOVING AVERAGE METHODS 410 t> A Constant Process A Linear Trend Process EXPONENTIAL SMOOTHING METHODS Single Exponential Smoothing for a Constant Process Double Exponential Smoothing for a Linear Trend Process Higher-Order Polynomial Models Winters' Method for Seasonal Variation Adaptive Smoothing Choice of Smoothing Constant FORECASTING OVER LEAD TIMES THE TRACKING SIGNAL AND ANALYSIS OF FORECAST ERRORS FORECASTING THE PROBABILITY DISTRIBUTION OF DEMAND ADAPTIVE CONTROL MODELS BAYESIAN METHOD IN FORECASTING THE BOX-JENKINS MODELS A Class of Time Series Models Forecasting with the Box-Jenkins Models REFERENCES EXERCISES 478 Chapter 7 Systems Design and Implementation 495 XI11

7 7-1 THE SYSTEM DEVELOPMENT PROCESS Problem Identification Conceptual Design Economic Justification Implementation Personnel and Other Resources SYSTEM OPERATION Routine Decisions Nonroutine Decisions Maintenance 504, } 1-2 A Education Operating Responsibility REFERENCES 505 Appendix 507 Index 519 XIV

Principles of Inventory and Materials Management

Principles of Inventory and Materials Management Principles of Inventory and Materials Management Second Edition Richard J. Tersine The University of Oklahoma m North Holland New York Amsterdam Oxford TECHNISCHE HOCHSCHULE DARMSTADT Fochbereich 1 Gesamthiblio-thek

More information

Production and Inventory Management

Production and Inventory Management Production and Inventory Management ARNOLDO C. HAX Massachusetts Institute of Technology DAN CANDEA Polytechnic Institute of Cluj-Napoca TECHNISCHE HOCHSCHULE DARMSTADT FoaiberGirii 1 Gesam th ibl iot

More information

Production Planning and Inventory Control

Production Planning and Inventory Control Production Planning and Inventory Control JOHN F. MAGEE Arthur D. Little, Inc. Cambridge, Massachusetts Institut fur PraWche Mathematik Hochschule istadr McGRAW-HILLjBOOK COMPANY, INC. New York Toronto

More information

PRINCIPLES OF INVENTORY AND MATERIALS MANAGEMENT

PRINCIPLES OF INVENTORY AND MATERIALS MANAGEMENT PRINCIPLES OF INVENTORY AND MATERIALS MANAGEMENT Fourth Edition Richard J. Tersine The University of Oklahoma TEGHNISCHE HOCHSCHULE DARMSTADT Fochbereich 1 Gesonr> 11-. ib I iothek Betiier >wi rtschottsiehre

More information

Inventory Management - A Teaching Note

Inventory Management - A Teaching Note Inventory Management - A Teaching Note Sundaravalli Narayanaswami W.P. No.2014-09-01 September 2014 INDIAN INSTITUTE OF MANAGEMENT AHMEDABAD-380 015 INDIA Inventory Management - A Teaching Note Sundaravalli

More information

Materials Management and Inventory Systems

Materials Management and Inventory Systems Materials Management and Inventory Systems Richard J.Tersine Old Dominion University 'C & North-Holland PUBLISHING COMPANY NEW YORK AMSTERDAM Contents Preface Chapter 1 INTRODUCTION 1 Inventory 4 Types

More information

The Masters of Science in Program and Project Management

The Masters of Science in Program and Project Management Program The Masters of Science in Program and Project Management College of Engineering and Computer Science University of Michigan-Dearborn A Rackham School of Graduate Studies Program PH: 1-59-561; FAX:

More information

GESTION DE LA PRODUCTION ET DES OPERATIONS PICASSO EXERCICE INTEGRE

GESTION DE LA PRODUCTION ET DES OPERATIONS PICASSO EXERCICE INTEGRE ECAP 21 / PROD2100 GESTION DE LA PRODUCTION ET DES OPERATIONS PICASSO EXERCICE INTEGRE 2004-2005 Prof : Pierre Semal : semal@poms.ucl.ac.be Assistants : Eléonore de le Court : delecourt@poms.ucl.ac.be

More information

ISE 421 QUANTATIVE PRODUCTION PLANNING

ISE 421 QUANTATIVE PRODUCTION PLANNING ISE 421 QUANTATIVE PRODUCTION PLANNING LECTURE III MRP, MRPII, ERP, APS Dr. Arslan ÖRNEK 2013 2014 Fall Term PRODUCTION PLANNING & SCHEDULING (PP&S) PP&S is one of the most critical activities in a manufacturing

More information

How To Plan A Pressure Container Factory

How To Plan A Pressure Container Factory ScienceAsia 27 (2) : 27-278 Demand Forecasting and Production Planning for Highly Seasonal Demand Situations: Case Study of a Pressure Container Factory Pisal Yenradee a,*, Anulark Pinnoi b and Amnaj Charoenthavornying

More information

Agenda. Real System, Transactional IT, Analytic IT. What s the Supply Chain. Levels of Decision Making. Supply Chain Optimization

Agenda. Real System, Transactional IT, Analytic IT. What s the Supply Chain. Levels of Decision Making. Supply Chain Optimization Agenda Supply Chain Optimization KUBO Mikio Definition of the Supply Chain (SC) and Logistics Decision Levels of the SC Classification of Basic Models in the SC Logistics Network Design Production Planning

More information

Motivated by a problem faced by a large manufacturer of a consumer product, we

Motivated by a problem faced by a large manufacturer of a consumer product, we A Coordinated Production Planning Model with Capacity Expansion and Inventory Management Sampath Rajagopalan Jayashankar M. Swaminathan Marshall School of Business, University of Southern California, Los

More information

Production and Operations Analysis

Production and Operations Analysis Production and Operations Analysis Sixth Edition Steven Nahmias Santa Clara University Me Graw Hill Boston Burr Ridge, IL Dubuque, IA Madison, Wl New York San Francisco St. Louis Bangkok Bogota Caracas

More information

INVENTORY MANAGEMENT. 1. Raw Materials (including component parts) 2. Work-In-Process 3. Maintenance/Repair/Operating Supply (MRO) 4.

INVENTORY MANAGEMENT. 1. Raw Materials (including component parts) 2. Work-In-Process 3. Maintenance/Repair/Operating Supply (MRO) 4. INVENTORY MANAGEMENT Inventory is a stock of materials and products used to facilitate production or to satisfy customer demand. Types of inventory include: 1. Raw Materials (including component parts)

More information

Planning and Scheduling in Manufacturing and Services

Planning and Scheduling in Manufacturing and Services Michael L. Pinedo Planning and Scheduling in Manufacturing and Services Second edition 4y Springer Preface Contents of CD-ROM vii xvii Part I Preliminaries 1 Introduction 3 1.1 Planning and Scheduling:

More information

Course Supply Chain Management: Inventory Management. Inventories cost money: Reasons for inventory. Types of inventory

Course Supply Chain Management: Inventory Management. Inventories cost money: Reasons for inventory. Types of inventory Inventories cost money: Inventories are to be avoided at all cost? Course Supply Chain Management: Or Inventory Management Inventories can be useful? Chapter 10 Marjan van den Akker What are reasons for

More information

Quantitative Analysis for Marketing Management

Quantitative Analysis for Marketing Management Quantitative Analysis for Marketing Management WILLIAM R. KING. Associate Professor Graduate School of Business University of Pittsburgh TECHNISCHE HOCMSCHUtE /\K. INSTlii:! K'!-: BETRIEBSWirC.iCi iar(sl6hre

More information

OR topics in MRP-II. Mads Jepsens. OR topics in MRP-II p.1/25

OR topics in MRP-II. Mads Jepsens. OR topics in MRP-II p.1/25 OR topics in MRP-II Mads Jepsens OR topics in MRP-II p.1/25 Overview Why bother? OR topics in MRP-II p.2/25 Why bother? Push and Pull systems Overview OR topics in MRP-II p.2/25 Overview Why bother? Push

More information

Production and Operations. Management Systems

Production and Operations. Management Systems Production and Operations Management Systems Sushil Gupta and Martin Starr CRC Press Taylor & Francis Croup Boca Raton London New York CRC Press is an imprint of the Taylor & Francis Group, an informa

More information

Empirical Model-Building and Response Surfaces

Empirical Model-Building and Response Surfaces Empirical Model-Building and Response Surfaces GEORGE E. P. BOX NORMAN R. DRAPER Technische Universitat Darmstadt FACHBEREICH INFORMATIK BIBLIOTHEK Invortar-Nf.-. Sachgsbiete: Standort: New York John Wiley

More information

PRODUCTION/OPERATIONS MANAGEMENT Concepts and Situations

PRODUCTION/OPERATIONS MANAGEMENT Concepts and Situations PRODUCTION/OPERATIONS MANAGEMENT Concepts and Situations Fourth Edition ROGER W. SCHMENNER School of Business Indiana University TECHNISCHE HOCHSCHULE ' DARMSTADT Facbbereich 1 Gesamtbibliothek Betriebswirtschattslehre

More information

STRATEGIC CAPACITY PLANNING USING STOCK CONTROL MODEL

STRATEGIC CAPACITY PLANNING USING STOCK CONTROL MODEL Session 6. Applications of Mathematical Methods to Logistics and Business Proceedings of the 9th International Conference Reliability and Statistics in Transportation and Communication (RelStat 09), 21

More information

F.S. Hillier & G.T Lierberman Introduction to Operations Research McGraw-Hill, 2004

F.S. Hillier & G.T Lierberman Introduction to Operations Research McGraw-Hill, 2004 Recherche opérationnelle. Master 1 - Esa Si vous souhaitez prendre connaissance des questions traitées dans le cours de recherche opérationnelle du Master 1 ESA, je vous recommande cet ouvrage. F.S. Hillier

More information

A Programme Implementation of Several Inventory Control Algorithms

A Programme Implementation of Several Inventory Control Algorithms BULGARIAN ACADEMY OF SCIENCES CYBERNETICS AND INFORMATION TECHNOLOGIES Volume, No Sofia 20 A Programme Implementation of Several Inventory Control Algorithms Vladimir Monov, Tasho Tashev Institute of Information

More information

Equations for Inventory Management

Equations for Inventory Management Equations for Inventory Management Chapter 1 Stocks and inventories Empirical observation for the amount of stock held in a number of locations: N 2 AS(N 2 ) = AS(N 1 ) N 1 where: N 2 = number of planned

More information

Manufacturing Planning and Control for Supply Chain Management

Manufacturing Planning and Control for Supply Chain Management Manufacturing Planning and Control for Supply Chain Management APICS/CPIM Certification Edition F. Robert Jacobs Indiana University William L. Berry The Ohio State University (Emeritus) D.ClayWhybark University

More information

General lotsizing problem in a closed-loop supply chain with uncertain returns

General lotsizing problem in a closed-loop supply chain with uncertain returns General lotsizing problem in a closed-loop supply chain with uncertain returns Guillaume Amand, Yasemin Arda July 3, 2013 G. Amand and Y. Arda (HEC-Ulg) General lotsizing problem in a closed-loop supply

More information

Universidad del Turabo MANA 705 DL Workshop Eight W8_8_3 Aggregate Planning, Material Requirement Planning, and Capacity Planning

Universidad del Turabo MANA 705 DL Workshop Eight W8_8_3 Aggregate Planning, Material Requirement Planning, and Capacity Planning Aggregate, Material Requirement, and Capacity Topic: Aggregate, Material Requirement, and Capacity Slide 1 Welcome to Workshop Eight presentation: Aggregate planning, material requirement planning, and

More information

Inventory Management. Topics on inventory management

Inventory Management. Topics on inventory management Inventory Management ISyE 3104 Fall 2013 Topics on inventory management Objective An introduction to the fundamental concepts, tradeoffs and methods in inventory management Topics Deterministic inventory

More information

Production Planning Solution Techniques Part 1 MRP, MRP-II

Production Planning Solution Techniques Part 1 MRP, MRP-II Production Planning Solution Techniques Part 1 MRP, MRP-II Mads Kehlet Jepsen Production Planning Solution Techniques Part 1 MRP, MRP-II p.1/31 Overview Production Planning Solution Techniques Part 1 MRP,

More information

A Profit-Maximizing Production Lot sizing Decision Model with Stochastic Demand

A Profit-Maximizing Production Lot sizing Decision Model with Stochastic Demand A Profit-Maximizing Production Lot sizing Decision Model with Stochastic Demand Kizito Paul Mubiru Department of Mechanical and Production Engineering Kyambogo University, Uganda Abstract - Demand uncertainty

More information

Spreadsheet Heuristic for Stochastic Demand Environments to Solve the Joint Replenishment Problem

Spreadsheet Heuristic for Stochastic Demand Environments to Solve the Joint Replenishment Problem , July 3-5, 2013, London, U.K. Spreadsheet Heuristic for Stochastic Demand Environments to Solve the Joint Replenishment Problem Buket Türkay, S. Emre Alptekin Abstract In this paper, a new adaptation

More information

Resource grouping selection to minimize the maximum over capacity planning

Resource grouping selection to minimize the maximum over capacity planning 2012 International Conference on Industrial and Intelligent Information (ICIII 2012) IPCSIT vol.31 (2012) (2012) IACSIT Press, Singapore Resource grouping selection to minimize the maximum over capacity

More information

Single item inventory control under periodic review and a minimum order quantity

Single item inventory control under periodic review and a minimum order quantity Single item inventory control under periodic review and a minimum order quantity G. P. Kiesmüller, A.G. de Kok, S. Dabia Faculty of Technology Management, Technische Universiteit Eindhoven, P.O. Box 513,

More information

Manufacturing Planning and Control for Supp Chain Management

Manufacturing Planning and Control for Supp Chain Management Manufacturing Planning and Control for Supp Chain Management Sixth Edition F. Robert Jacobs Indiana University William L. Berry The Ohio State University (Emeritus) D. Clay Whybark University of North

More information

Operations Research in BASF's Supply Chain Operations. IFORS, 17 July 2014

Operations Research in BASF's Supply Chain Operations. IFORS, 17 July 2014 Operations Research in BASF's Supply Chain Operations IFORS, 17 July 2014 Information Services & Supply Chain Operations is the business solutions provider for BASF Group Competence Center Information

More information

SERVICE MANAGEMENT AN INTEGRATED APPROACH TO SUPPLY CHAIN MANAGEMENT AND OPERATIONS. Cengiz Haksever Barry Render

SERVICE MANAGEMENT AN INTEGRATED APPROACH TO SUPPLY CHAIN MANAGEMENT AND OPERATIONS. Cengiz Haksever Barry Render SERVICE MANAGEMENT AN INTEGRATED APPROACH TO SUPPLY CHAIN MANAGEMENT AND OPERATIONS Cengiz Haksever Barry Render Preface CONTENTS xxi Part I: Understanding Services 1 THE IMPORTANT ROLE SERVICES PLAY IN

More information

Determining Inventory Levels in a CONWIP Controlled Job Shop

Determining Inventory Levels in a CONWIP Controlled Job Shop Determining Inventory Levels in a CONWIP Controlled Job Shop Sarah M. Ryan* Senior Member, IIE Department of Industrial and Management Systems Engineering University of Nebraska-Lincoln Lincoln, NE 68588-0518

More information

DATA MINING IN FINANCE

DATA MINING IN FINANCE DATA MINING IN FINANCE Advances in Relational and Hybrid Methods by BORIS KOVALERCHUK Central Washington University, USA and EVGENII VITYAEV Institute of Mathematics Russian Academy of Sciences, Russia

More information

Aggregate Production Planning Techniques and Comparison

Aggregate Production Planning Techniques and Comparison University of Central Florida Retrospective Theses and Dissertations Masters Thesis (Open Access) Aggregate Production Planning Techniques and Comparison 1977 Fariborz. Mazaheri University of Central Florida

More information

TABLE OF CONTENTS CHAPTER DESCRIPTION PAGE

TABLE OF CONTENTS CHAPTER DESCRIPTION PAGE vii TABLE OF CONTENTS CHAPTER DESCRIPTION PAGE TITLE DECLARATION DEDICATION ACKNOWLEDGEMENT ABSTRACT ABSTRAK LIST OF CONTENTS LIST OF FIGURES LIST OF TABLES LIST OF APPENDICES i ii iii iv v vi vii xii

More information

Inventory: Independent Demand Systems

Inventory: Independent Demand Systems Inventory: Independent Demand Systems Inventory is used in most manufacturing, service, wholesale, and retail activities and because it can enhance profitability and competitiveness. It is widely discussed

More information

15. How would you show your understanding of the term system perspective? BTL 3

15. How would you show your understanding of the term system perspective? BTL 3 Year and Semester FIRST YEAR II SEMESTER (EVEN) Subject Code and Name BA7201 OPERATIONS MANAGEMENT Faculty Name 1) Mrs.L.SUJATHA ASST.PROF (S.G) 2) Mr. K.GURU ASST.PROF (OG) Q.No Unit I Part A BT Level

More information

The Masters of Science in Engineering Management

The Masters of Science in Engineering Management The Masters of Science in Engineering Management College of Engineering and Computer Science University of Michigan-Dearborn A Rackham School of Graduate Studies Program PH: 1-59-561; FAX: 1-59-69; E-mail:

More information

MODELLING AND ANALYSIS OF INTEGRATED PRODUCTION - INVENTORY - DISTRIBUTION SYSTEMS. A. NOORUL HAQ Department of Mechanical Engineering

MODELLING AND ANALYSIS OF INTEGRATED PRODUCTION - INVENTORY - DISTRIBUTION SYSTEMS. A. NOORUL HAQ Department of Mechanical Engineering MODELLING AND ANALYSIS OF INTEGRATED PRODUCTION - INVENTORY - DISTRIBUTION SYSTEMS 0 00 By A. NOORUL HAQ Department of Mechanical Engineering z-l1l2 THESIS SUBMITTED IN FULFILMENT OF THE REQUIREMENTS FOR

More information

Chapter 7. Production, Capacity and Material Planning

Chapter 7. Production, Capacity and Material Planning Chapter 7 Production, Capacity and Material Planning Production, Capacity and Material Planning Production plan quantities of final product, subassemblies, parts needed at distinct points in time To generate

More information

From the Aggregate Plan to Lot-Sizing in Multi-level Production Planning

From the Aggregate Plan to Lot-Sizing in Multi-level Production Planning From the Aggregate Plan to Lot-Sizing in Multi-level Production Planning Jean-Claude Hennet LAAS-CNRS, 7 Ave. Colonel Roche, 31077 Toulouse FRANCE 1 INTRODUCTION The hierarchical approach to production

More information

INTEGRATED OPTIMIZATION OF SAFETY STOCK

INTEGRATED OPTIMIZATION OF SAFETY STOCK INTEGRATED OPTIMIZATION OF SAFETY STOCK AND TRANSPORTATION CAPACITY Horst Tempelmeier Department of Production Management University of Cologne Albertus-Magnus-Platz D-50932 Koeln, Germany http://www.spw.uni-koeln.de/

More information

2014-2015 The Master s Degree with Thesis Course Descriptions in Industrial Engineering

2014-2015 The Master s Degree with Thesis Course Descriptions in Industrial Engineering 2014-2015 The Master s Degree with Thesis Course Descriptions in Industrial Engineering Compulsory Courses IENG540 Optimization Models and Algorithms In the course important deterministic optimization

More information

INVENTORY MODELS WITH STOCK- AND PRICE- DEPENDENT DEMAND FOR DETERIORATING ITEMS BASED ON LIMITED SHELF SPACE

INVENTORY MODELS WITH STOCK- AND PRICE- DEPENDENT DEMAND FOR DETERIORATING ITEMS BASED ON LIMITED SHELF SPACE Yugoslav Journal of Operations Research Volume 0 (00), Number, 55-69 0.98/YJOR00055D INVENTORY MODELS WITH STOCK- AND PRICE- DEPENDENT DEMAND FOR DETERIORATING ITEMS BASED ON LIMITED SHELF SPACE Chun-Tao

More information

Soft Computing in Economics and Finance

Soft Computing in Economics and Finance Ludmila Dymowa Soft Computing in Economics and Finance 4y Springer 1 Introduction 1 References 5 i 2 Applications of Modern Mathematics in Economics and Finance 7 2.1 Fuzzy'Set Theory and Applied Interval

More information

Introduction to Financial Models for Management and Planning

Introduction to Financial Models for Management and Planning CHAPMAN &HALL/CRC FINANCE SERIES Introduction to Financial Models for Management and Planning James R. Morris University of Colorado, Denver U. S. A. John P. Daley University of Colorado, Denver U. S.

More information

Material Requirements Planning (MRP)

Material Requirements Planning (MRP) Material Requirements Planning (MRP) Unlike many other approaches and techniques, material requirements planning works which is its best recommendation. Joseph Orlicky, 1974 1 History Begun around 1960

More information

QUANTITATIVE ANALYSIS FOR BUSINESS DECISIONS

QUANTITATIVE ANALYSIS FOR BUSINESS DECISIONS SYLLABUS For QUANTITATIVE ANALYSIS FOR BUSINESS DECISIONS BUS-305 Fall 2004 Dr. Jim Mirabella Jacksonville University GENERAL INFORMATION Instructor: Dr. Jim Mirabella Call #: 6231 Contact Information:

More information

A spreadsheet Approach to Business Quantitative Methods

A spreadsheet Approach to Business Quantitative Methods A spreadsheet Approach to Business Quantitative Methods by John Flaherty Ric Lombardo Paul Morgan Basil desilva David Wilson with contributions by: William McCluskey Richard Borst Lloyd Williams Hugh Williams

More information

VENDOR MANAGED INVENTORY

VENDOR MANAGED INVENTORY VENDOR MANAGED INVENTORY Martin Savelsbergh School of Industrial and Systems Engineering Georgia Institute of Technology Joint work with Ann Campbell, Anton Kleywegt, and Vijay Nori Distribution Systems:

More information

School of Management and Languages Capacity Planning

School of Management and Languages Capacity Planning School of Management and Languages Capacity Planning Dr Neil Towers 1 Learning Objectives a. To understand Capacity Planning and Control b. To manage the supply chain capabilities effectively Dr Neil Towers

More information

KATE GLEASON COLLEGE OF ENGINEERING. John D. Hromi Center for Quality and Applied Statistics

KATE GLEASON COLLEGE OF ENGINEERING. John D. Hromi Center for Quality and Applied Statistics ROCHESTER INSTITUTE OF TECHNOLOGY COURSE OUTLINE FORM KATE GLEASON COLLEGE OF ENGINEERING John D. Hromi Center for Quality and Applied Statistics NEW (or REVISED) COURSE (KCOE-CQAS- 873 - Time Series Analysis

More information

International Journal of Advances in Science and Technology (IJAST)

International Journal of Advances in Science and Technology (IJAST) Determination of Economic Production Quantity with Regard to Machine Failure Mohammadali Pirayesh 1, Mahsa Yavari 2 1,2 Department of Industrial Engineering, Faculty of Engineering, Ferdowsi University

More information

1 Publication in International journal

1 Publication in International journal 1 Publication in International journal Title: A bi-objective stochastic programming model for a centralized green supply chain with deteriorating products Authors: Y. PEZESHKI, A. BABOLI, N. CHEIKHROUHOU,

More information

The life cycle of new products is becoming shorter and shorter in all markets. For electronic products, life

The life cycle of new products is becoming shorter and shorter in all markets. For electronic products, life MANUFACTURING & SERVICE OPERATIONS MANAGEMENT Vol. 10, No. 2, Spring 2008, pp. 278 287 issn 1523-4614 eissn 1526-5498 08 1002 0278 informs doi 10.1287/msom.1070.0175 2008 INFORMS Strategic Inventory Placement

More information

Time series Forecasting using Holt-Winters Exponential Smoothing

Time series Forecasting using Holt-Winters Exponential Smoothing Time series Forecasting using Holt-Winters Exponential Smoothing Prajakta S. Kalekar(04329008) Kanwal Rekhi School of Information Technology Under the guidance of Prof. Bernard December 6, 2004 Abstract

More information

Optimization of Stochastic Inventory Control with Correlated Demands. Roger Lederman

Optimization of Stochastic Inventory Control with Correlated Demands. Roger Lederman Optimization of Stochastic Inventory Control with Correlated Demands Roger Lederman Honors Thesis in Computer Science Advisors: Amy Greenwald Aaron Cohen 1 1 Introduction and Motivation An application

More information

QUANTITATIVE METHODS. for Decision Makers. Mik Wisniewski. Fifth Edition. FT Prentice Hall

QUANTITATIVE METHODS. for Decision Makers. Mik Wisniewski. Fifth Edition. FT Prentice Hall Fifth Edition QUANTITATIVE METHODS for Decision Makers Mik Wisniewski Senior Research Fellow, Department of Management Science, University of Strathclyde Business School FT Prentice Hall FINANCIAL TIMES

More information

Priori ty ... ... ...

Priori ty ... ... ... .Maintenance Scheduling Maintenance scheduling is the process by which jobs are matched with resources (crafts) and sequenced to be executed at certain points in time. The maintenance schedule can be prepared

More information

Self-Organization in Nonequilibrium Systems

Self-Organization in Nonequilibrium Systems Self-Organization in Nonequilibrium Systems From Dissipative Structures to Order through Fluctuations G. Nicolis Universite Libre de Bruxelles Belgium I. Prigogine Universite Libre de Bruxelles Belgium

More information

A Hybrid Genetic Algorithm Approach for Optimizing Dynamic Multi-Commodity Supply Chains

A Hybrid Genetic Algorithm Approach for Optimizing Dynamic Multi-Commodity Supply Chains 1 A Hybrid Genetic Algorithm Approach for Optimizing Dynamic Multi-Commodity Supply Chains H. Abbas * M. Hussein M. Etman Mechanical Engineering Dept. Helwan University Faculty of Engineering Cairo Egypt

More information

SINGLE-STAGE MULTI-PRODUCT PRODUCTION AND INVENTORY SYSTEMS: AN ITERATIVE ALGORITHM BASED ON DYNAMIC SCHEDULING AND FIXED PITCH PRODUCTION

SINGLE-STAGE MULTI-PRODUCT PRODUCTION AND INVENTORY SYSTEMS: AN ITERATIVE ALGORITHM BASED ON DYNAMIC SCHEDULING AND FIXED PITCH PRODUCTION SIGLE-STAGE MULTI-PRODUCT PRODUCTIO AD IVETORY SYSTEMS: A ITERATIVE ALGORITHM BASED O DYAMIC SCHEDULIG AD FIXED PITCH PRODUCTIO Euclydes da Cunha eto ational Institute of Technology Rio de Janeiro, RJ

More information

Contents. List of Figures. List of Tables. List of Examples. Preface to Volume IV

Contents. List of Figures. List of Tables. List of Examples. Preface to Volume IV Contents List of Figures List of Tables List of Examples Foreword Preface to Volume IV xiii xvi xxi xxv xxix IV.1 Value at Risk and Other Risk Metrics 1 IV.1.1 Introduction 1 IV.1.2 An Overview of Market

More information

Keywords: Single-vendor Inventory Control System, Potential Demand, Machine Failure, Participation in the Chain, Heuristic Algorithm

Keywords: Single-vendor Inventory Control System, Potential Demand, Machine Failure, Participation in the Chain, Heuristic Algorithm Indian Journal of Fundamental and Applied Life Sciences ISSN: 31 63 (Online) An Open Access, Online International Journal Available at www.cibtech.org/sp.ed/jls/01/03/jls.htm 01 Vol. (S3), pp. 1781-1790/Valiporian

More information

CS 2750 Machine Learning. Lecture 1. Machine Learning. http://www.cs.pitt.edu/~milos/courses/cs2750/ CS 2750 Machine Learning.

CS 2750 Machine Learning. Lecture 1. Machine Learning. http://www.cs.pitt.edu/~milos/courses/cs2750/ CS 2750 Machine Learning. Lecture Machine Learning Milos Hauskrecht milos@cs.pitt.edu 539 Sennott Square, x5 http://www.cs.pitt.edu/~milos/courses/cs75/ Administration Instructor: Milos Hauskrecht milos@cs.pitt.edu 539 Sennott

More information

Agenda. TPPE37 Manufacturing Control. A typical production process. The Planning Hierarchy. Primary material flow

Agenda. TPPE37 Manufacturing Control. A typical production process. The Planning Hierarchy. Primary material flow TPPE37 Manufacturing Control Agenda Lecture 2 Inventory Management 1. Inventory System Defined 2. Inventory Costs 3. Inventory classification 4. Economic order quantity model 5. Newsboy problem 6. Reorder

More information

1 Aggregate Production Planning

1 Aggregate Production Planning IEOR 4000: Production Management Lecture 5 Professor Guillermo Gallego 9 October 2001 1 Aggregate Production Planning Aggregate production planning is concerned with the determination of production, inventory,

More information

How To Understand And Understand Finance

How To Understand And Understand Finance Ill. i,t.,. QUANTITATIVE FINANCIAL ECONOMICS STOCKS, BONDS AND FOREIGN EXCHANGE Second Edition KEITH CUTHBERTSON AND DIRK NITZSCHE HOCHSCHULE John Wiley 8k Sons, Ltd CONTENTS Preface Acknowledgements 2.1

More information

An Integrated Production Inventory System for. Perishable Items with Fixed and Linear Backorders

An Integrated Production Inventory System for. Perishable Items with Fixed and Linear Backorders Int. Journal of Math. Analysis, Vol. 8, 2014, no. 32, 1549-1559 HIKARI Ltd, www.m-hikari.com http://dx.doi.org/10.12988/ijma.2014.46176 An Integrated Production Inventory System for Perishable Items with

More information

Tactical capacity management under capacity flexibility

Tactical capacity management under capacity flexibility IIE Transactions ISSN: 0740-817X (Print) 1545-8830 (Online) Journal homepage: http://www.tandfonline.com/loi/uiie20 Tactical capacity management under capacity flexibility Osman Alp & Tarkan Tan To cite

More information

A Stochastic Inventory Placement Model for a Multi-echelon Seasonal Product Supply Chain with Multiple Retailers

A Stochastic Inventory Placement Model for a Multi-echelon Seasonal Product Supply Chain with Multiple Retailers The Sixth International Symposium on Operations Research and Its Applications (ISORA 06) Xinjiang, China, August 8 12, 2006 Copyright 2006 ORSC & APORC pp. 247 257 A Stochastic Inventory Placement Model

More information

Supply Chain Management with SAP APO

Supply Chain Management with SAP APO Jörg Thomas Dickersbach Supply Chain Management with SAP APO Structures, Modelling Approaches and Implementation of SAP SCM 2008 3rd edition Springer Contents PART I - OVERVIEW 1 SCM Projects with SAP

More information

Inventory Control. Contents 1. FRAMEWORK OF PLANNING DECISIONS...1

Inventory Control. Contents 1. FRAMEWORK OF PLANNING DECISIONS...1 Inventory Control When to order? How many to order? Contents 1. FRAMEWORK OF PLANNING DECISIONS...1 2. INVENTORY CONTROL...2 2.1 CONTROL SYSTEMS...3 2.2 PARAMETERS...4 2.3 COSTS...5 3. INVENTORY CONTROL:

More information

CHAPTER 1. Basic Concepts on Planning and Scheduling

CHAPTER 1. Basic Concepts on Planning and Scheduling CHAPTER 1 Basic Concepts on Planning and Scheduling Scheduling, FEUP/PRODEI /MIEIC 1 Planning and Scheduling: Processes of Decision Making regarding the selection and ordering of activities as well as

More information

Inventory Theory. 25.1 Inventory Models. Chapter 25 Page 1

Inventory Theory. 25.1 Inventory Models. Chapter 25 Page 1 Chapter 25 Page 1 Inventory Theory Inventories are materials stored, waiting for processing, or experiencing processing. They are ubiquitous throughout all sectors of the economy. Observation of almost

More information

Implementation of Inventory Management System in a Furniture Company: A Real Case study

Implementation of Inventory Management System in a Furniture Company: A Real Case study International Journal of Engineering and Technology Volume 2 No. 8, August, 2012 Implementation of Inventory Management System in a Furniture Company: A Real Case study 1 Syed Adeel Haneed Zaidi, 2 Sharfuddin

More information

BIG DATA PROBLEMS AND LARGE-SCALE OPTIMIZATION: A DISTRIBUTED ALGORITHM FOR MATRIX FACTORIZATION

BIG DATA PROBLEMS AND LARGE-SCALE OPTIMIZATION: A DISTRIBUTED ALGORITHM FOR MATRIX FACTORIZATION BIG DATA PROBLEMS AND LARGE-SCALE OPTIMIZATION: A DISTRIBUTED ALGORITHM FOR MATRIX FACTORIZATION Ş. İlker Birbil Sabancı University Ali Taylan Cemgil 1, Hazal Koptagel 1, Figen Öztoprak 2, Umut Şimşekli

More information

Information Sharing in Supply Chain Management: A Literature Review on Analytical Research

Information Sharing in Supply Chain Management: A Literature Review on Analytical Research Information Sharing in Supply Chain Management: A Literature Review on Analytical Research Hyun-cheol Paul Choi California State University, Fullerton, CA In this paper, we reviewed the area of upstream

More information

DECISION MAKING UNDER UNCERTAINTY:

DECISION MAKING UNDER UNCERTAINTY: DECISION MAKING UNDER UNCERTAINTY: Models and Choices Charles A. Holloway Stanford University TECHNISCHE HOCHSCHULE DARMSTADT Fachbereich 1 Gesamtbibliothek Betrtebswirtscrtaftslehre tnventar-nr. :...2>2&,...S'.?S7.

More information

Glossary of Inventory Management Terms

Glossary of Inventory Management Terms Glossary of Inventory Management Terms ABC analysis also called Pareto analysis or the rule of 80/20, is a way of categorizing inventory items into different types depending on value and use Aggregate

More information

A DISCRETE TIME MARKOV CHAIN MODEL IN SUPERMARKETS FOR A PERIODIC INVENTORY SYSTEM WITH ONE WAY SUBSTITUTION

A DISCRETE TIME MARKOV CHAIN MODEL IN SUPERMARKETS FOR A PERIODIC INVENTORY SYSTEM WITH ONE WAY SUBSTITUTION A DISCRETE TIME MARKOV CHAIN MODEL IN SUPERMARKETS FOR A PERIODIC INVENTORY SYSTEM WITH ONE WAY SUBSTITUTION A Class Project for MATH 768: Applied Stochastic Processes Fall 2014 By Chudamani Poudyal &

More information

INDUSTRIAL STATISTICS AND OPERATIONAL MANAGEMENT. 7. Inventory Management

INDUSTRIAL STATISTICS AND OPERATIONAL MANAGEMENT. 7. Inventory Management INDUSTRIAL STATISTICS AND OPERATIONAL MANAGEMENT 7. Inventory Management Dr. Ravi Mahendra Gor Associate Dean ICFAI Business School ICFAI HOuse, Nr. GNFC INFO Tower S. G. Road Bodakdev Ahmedabad-380054

More information

A Decision-Support System for New Product Sales Forecasting

A Decision-Support System for New Product Sales Forecasting A Decision-Support System for New Product Sales Forecasting Ching-Chin Chern, Ka Ieng Ao Ieong, Ling-Ling Wu, and Ling-Chieh Kung Department of Information Management, NTU, Taipei, Taiwan chern@im.ntu.edu.tw,

More information

Production Planning. Chapter 4 Forecasting. Overview. Overview. Chapter 04 Forecasting 1. 7 Steps to a Forecast. What is forecasting?

Production Planning. Chapter 4 Forecasting. Overview. Overview. Chapter 04 Forecasting 1. 7 Steps to a Forecast. What is forecasting? Chapter 4 Forecasting Production Planning MRP Purchasing Sales Forecast Aggregate Planning Master Production Schedule Production Scheduling Production What is forecasting? Types of forecasts 7 steps of

More information

Introduction to time series analysis

Introduction to time series analysis Introduction to time series analysis Margherita Gerolimetto November 3, 2010 1 What is a time series? A time series is a collection of observations ordered following a parameter that for us is time. Examples

More information

Supply planning for two-level assembly systems with stochastic component delivery times: trade-off between holding cost and service level

Supply planning for two-level assembly systems with stochastic component delivery times: trade-off between holding cost and service level Supply planning for two-level assembly systems with stochastic component delivery times: trade-off between holding cost and service level Faicel Hnaien, Xavier Delorme 2, and Alexandre Dolgui 2 LIMOS,

More information

Effective Multi-echelon Inventory Systems for Supplier Selection and Order Allocation

Effective Multi-echelon Inventory Systems for Supplier Selection and Order Allocation University of Tennessee, Knoxville Trace: Tennessee Research and Creative Exchange Doctoral Dissertations Graduate School 12-2014 Effective Multi-echelon Inventory Systems for Supplier Selection and Order

More information