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Deterministic Approximations to Co-Production Problems with Service Constraints and Random Yields

Deterministic Approximations to Co-Production Problems with Service Constraints and Random Yields We study production planning problems where multiple item categories are produced simultaneously. The items have random yields and are used to satisfy the demands of many products. These products have specification requirements that overlap. An item originally targeted to satisfy the demand of one product may be used to satisfy the demand of other products when it conforms to their specifications. Customers' demand must be satisfied from inventory 100α% of the time. We formulate the problem with service constraints and provide near-optimal solution to the problem with fixed planning horizon. We also propose simple heuristics for the problem solved with a rolling horizon. Some of the heuristics performed very well over a wide range of parameters. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Management Science INFORMS

Deterministic Approximations to Co-Production Problems with Service Constraints and Random Yields

Management Science , Volume 38 (5): 19 – May 1, 1992
19 pages

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Publisher
INFORMS
Copyright
Copyright © INFORMS
Subject
Research Article
ISSN
0025-1909
eISSN
1526-5501
DOI
10.1287/mnsc.38.5.724
Publisher site
See Article on Publisher Site

Abstract

We study production planning problems where multiple item categories are produced simultaneously. The items have random yields and are used to satisfy the demands of many products. These products have specification requirements that overlap. An item originally targeted to satisfy the demand of one product may be used to satisfy the demand of other products when it conforms to their specifications. Customers' demand must be satisfied from inventory 100α% of the time. We formulate the problem with service constraints and provide near-optimal solution to the problem with fixed planning horizon. We also propose simple heuristics for the problem solved with a rolling horizon. Some of the heuristics performed very well over a wide range of parameters.

Journal

Management ScienceINFORMS

Published: May 1, 1992

Keywords: Keywords : simultaneous production ; production planning with uncertain yields ; co-production ; by-products ; dynamic programming ; substitutability

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