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A Simultaneous Decision Model for Production, Marketing and Finance

Author

Listed:
  • William W. Damon

    (Duke University)

  • Richard Schramm

    (Cornell University)

Abstract

The Holt, Modigliani, Muth, and Simon production scheduling model is extended to incorporate variables reflecting marketing and working capital management in a cash flow formulation. A constrained nonlinear program is dervied for which a local optimal solution is discovered employing the SUMT program. Reasonable values are are assigned to the parameters and the relative profitability of such a simultaneous formulation, compared to a sequential model, is tested. Initial results demonstrate an improvement of 25% by solving for the optimal values of the functional decision variables simultaneously.

Suggested Citation

  • William W. Damon & Richard Schramm, 1972. "A Simultaneous Decision Model for Production, Marketing and Finance," Management Science, INFORMS, vol. 19(2), pages 161-172, October.
    • Handle: RePEc:inm:ormnsc:v:19:y:1972:i:2:p:161-172
    DOI: 10.1287/mnsc.19.2.161
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    Cited by:

    1. Jiao Wang & Lima Zhao & Arnd Huchzermeier, 2021. "Operations‐Finance Interface in Risk Management: Research Evolution and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 30(2), pages 355-389, February.
    2. J. M. Blin, 1977. "Development of a Corporate Information System," Discussion Papers 304, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Jijun Gao & Pratima Bansal, 2013. "Instrumental and Integrative Logics in Business Sustainability," Journal of Business Ethics, Springer, vol. 112(2), pages 241-255, January.
    4. Erickson, Gary M., 2011. "A differential game model of the marketing-operations interface," European Journal of Operational Research, Elsevier, vol. 211(2), pages 394-402, June.
    5. Ravi Kumar, K. & Hadjinicola, George C., 1996. "Resource allocation to defensive marketing and manufacturing strategies," European Journal of Operational Research, Elsevier, vol. 94(3), pages 453-466, November.
    6. Ravi Kumar, K. & Loomba, Arvinder P. S. & Hadjinicola, George C., 2000. "Marketing-production coordination in channels of distribution," European Journal of Operational Research, Elsevier, vol. 126(1), pages 189-217, October.
    7. Gomes da Silva, Carlos & Figueira, José & Lisboa, João & Barman, Samir, 2006. "An interactive decision support system for an aggregate production planning model based on multiple criteria mixed integer linear programming," Omega, Elsevier, vol. 34(2), pages 167-177, April.
    8. Bruno Cariou, 1988. "Décisions de stockage, risque et coût du capital : essai de formalisation," Revue Économique, Programme National Persée, vol. 39(2), pages 349-368.
    9. Abhijit Upasani & Reha Uzsoy, 2008. "Incorporating manufacturing lead times in joint production-marketing models: A review and some future directions," Annals of Operations Research, Springer, vol. 161(1), pages 171-188, July.

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