A Markov decision model for optimising economic production lot size under stochastic demand
Traditional approaches towards determining the economic production lot (EPL) size in manufacturing applications assume deterministic demand, often at a constant rate. In this paper, an optimisation model is developed for determining the EPL size that minimises production and inventory costs of a per...
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| Format: | Article |
| Language: | English |
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Operations Research Society of South Africa (ORSSA)
2010-06-01
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| Series: | ORiON |
| Online Access: | http://orion.journals.ac.za/pub/article/view/85 |