A discrete approach to designing optimal hedging-point control policies for production-inventory systems with general stochastic behavior |
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| Authors: | B. N. Khoury |
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| Affiliation: | (1) Center for Applied Optimization, Department of Industrial and Systems Engineering, University of Florida, 303 Weil Hall, P.O. Box 116595, Gainesville, FL 32611-6595, USA |
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| Abstract: | The hedging-point policy for a production-inventory system is investigated under the effect of probabilistic machine breakdowns and repairs assuming general discrete distributions for the repair time and the time to failure. Using a methodology whereby inventory levels can assume only discrete values, an optimal safety stock size that minimizes the total expected cost per unit time is determined. |
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| Keywords: | Production Inventory Reliability Lost sale Optimization |
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