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A stochastic profit-maximising economic lot scheduling problem with price optimisation

Author

Listed:
  • Luciano Salvietti
  • Neale R. Smith
  • Leopoldo Eduardo Cárdenas-Barrón

Abstract

A stochastic version of the economic lot sizing problem with pricing is presented. The control variables of the stochastic problem are the production quantities and cycle lengths for each product. The recourse variables are the sales prices and the external purchase quantities in each production cycle. A solution method based on simulation, decomposition, and column generation is proposed and tested using a number of designed experiments. The method is found to produce very close to optimal solutions quickly. [Received 29 January 2011; Revised 6 February 2011; Revised 21 March 2012; Accepted 3 October 2012]

Suggested Citation

  • Luciano Salvietti & Neale R. Smith & Leopoldo Eduardo Cárdenas-Barrón, 2014. "A stochastic profit-maximising economic lot scheduling problem with price optimisation," European Journal of Industrial Engineering, Inderscience Enterprises Ltd, vol. 8(2), pages 193-221.
    • Handle: RePEc:ids:eujine:v:8:y:2014:i:2:p:193-221
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    Citations

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    Cited by:

    1. Panda, S. & Modak, N.M. & Sana, S.S. & Basu, M., 2015. "Pricing and replenishment policies in dual-channel supply chain under continuous unit cost decrease," Applied Mathematics and Computation, Elsevier, vol. 256(C), pages 913-929.
    2. Ata Allah Taleizadeh & Masoumeh Sadat Babaei & Shib Sankar Sana & Biswajit Sarkar, 2019. "Pricing Decision within an Inventory Model for Complementary and Substitutable Products," Mathematics, MDPI, vol. 7(7), pages 1-22, June.
    3. Modak, Nikunja Mohan & Panda, Shibaji & Sana, Shib Sankar, 2016. "Three-echelon supply chain coordination considering duopolistic retailers with perfect quality products," International Journal of Production Economics, Elsevier, vol. 182(C), pages 564-578.
    4. Shib Sankar Sana, 2022. "A structural mathematical model on two echelon supply chain system," Annals of Operations Research, Springer, vol. 315(2), pages 1997-2025, August.

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