A profit-maximizing economic lot scheduling problem with price optimization |
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Authors: | Luciano Salvietti Neale R Smith |
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Institution: | Centre for Quality and Manufacturing, Tecnologico de Monterrey, Eugenio Garza Sada 2501, 64849 Monterrey, NL, Mexico |
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Abstract: | The economic lot scheduling problem (ELSP) is a well known problem that focuses on scheduling the production of multiple items on a single machine such that inventory and setup costs are minimized. In this paper, we extend the ELSP to include price optimization with the objective to maximize profits. A solution approach based on column generation is provided and shown to produce very close to optimal results with short solution times on a set of test problems. The results are discussed and recommendations for further research are provided. |
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Keywords: | Pricing Inventory Economic lot scheduling Profit maximization |
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