Geodesic
Two hedging points policy for an unreliable manufacturing system
Ryszarda Rempała1
1 Institute of Mathematics Polish Academy of Sciences Śniadeckich 8 00-950 Warszawa, Poland
Applicationes Mathematicae, Tome 29 (2002) no. 3, pp. 313-330.

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This paper deals with an unreliable manufacturing system in which limited backlog is allowed. An admissible production policy is described by two decision parameters: upper and lower hedging points. The objective is to find the optimum hedging points so as to minimize the long run average expected cost under an additional condition. The condition expresses a constraint for the limiting probability of the event that the system stays at the lower hedging point, which corresponds to a limit of backlog. The cost consists of two parts: holding inventory cost and shortage cost. The optimum hedging points are determined.
DOI : 10.4064/am29-3-5
Keywords: paper deals unreliable manufacturing system which limited backlog allowed admissible production policy described decision parameters upper lower hedging points objective optimum hedging points minimize long run average expected cost under additional condition condition expresses constraint limiting probability event system stays lower hedging point which corresponds limit backlog cost consists parts holding inventory cost shortage cost optimum hedging points determined

Ryszarda Rempała 1

1 Institute of Mathematics Polish Academy of Sciences Śniadeckich 8 00-950 Warszawa, Poland 
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Ryszarda Rempała. Two hedging points policy for an
 unreliable manufacturing system. Applicationes Mathematicae, Tome 29 (2002) no. 3, pp. 313-330. doi : 10.4064/am29-3-5. http://geodesic.mathdoc.fr/articles/10.4064/am29-3-5/

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