Boundary conditions for generalized hedging point policies in stochastic manufacturing systems
AbstractThe production control, via hedging point policies, of a single part type manufacturing system with stochastic capacity and demand is discussed. In the present paper, several feasible operational modes may correspond to equal hedging points. For such generalized hedging point policies, we establish specific boundary conditions around the hedging points, which permit to compute the stationary probability density function for the hybrid state of the system.
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Bibliographic InfoPaper provided by HEC Paris in its series Les Cahiers de Recherche with number 692.
Length: 12 pages
Date of creation: 04 Aug 1999
Date of revision:
Flow control in failure prone manufacturing systems; generalized hedging point policy; stationary probability density functions; boundary conditions;
Find related papers by JEL classification:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- M11 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Production Management
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