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Sequential Production Planning Over Time at Minimum Cost

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  • S. M. Johnson

    (The RAND Corporation)

Abstract

Production of a given commodity is to be scheduled over time to meet known future requirements while minimizing total costs. The costs include both storage and production costs as functions of time. The unit production cost is an increasing function of the production rate. Previous solutions to this problem have involved complicated iterative procedures. A new approach brings out the basic principle involved and leads to a surprisingly simple solution. This coincides with a common-sense technique sometimes used in business.

Suggested Citation

  • S. M. Johnson, 1957. "Sequential Production Planning Over Time at Minimum Cost," Management Science, INFORMS, vol. 3(4), pages 435-437, July.
    • Handle: RePEc:inm:ormnsc:v:3:y:1957:i:4:p:435-437
    DOI: 10.1287/mnsc.3.4.435
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    Cited by:

    1. Yongpei Guan & Andrew J. Miller, 2008. "Polynomial-Time Algorithms for Stochastic Uncapacitated Lot-Sizing Problems," Operations Research, INFORMS, vol. 56(5), pages 1172-1183, October.
    2. Kai Huang & Shabbir Ahmed, 2009. "The Value of Multistage Stochastic Programming in Capacity Planning Under Uncertainty," Operations Research, INFORMS, vol. 57(4), pages 893-904, August.
    3. Harvey M. Wagner, 2002. "And Then There Were None," Operations Research, INFORMS, vol. 50(1), pages 217-226, February.
    4. S. P. Sethi & H. Yan & H. Zhang & Q. Zhang, 2002. "Optimal and Hierarchical Controls in Dynamic Stochastic Manufacturing Systems: A Survey," Manufacturing & Service Operations Management, INFORMS, vol. 4(2), pages 133-170.
    5. Suresh Chand & Vernon Ning Hsu & Suresh Sethi, 2002. "Forecast, Solution, and Rolling Horizons in Operations Management Problems: A Classified Bibliography," Manufacturing & Service Operations Management, INFORMS, vol. 4(1), pages 25-43, September.

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