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Journals / An International Journal of Optimization and Control: Theories & Applications (IJOCTA) / 2020 / Cilt: 10 - Sayı: 1

Control of M/Cox-2/s make-to-stock systems

Özgün YÜCEL
Önder BULUT
Pages
26–36
Publication Date
2022-10-11
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

We also assess the value of dynamicstate information in general by comparing the proposed policy with the wellknownstatic inventory position based policy.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study considers a make-to-stock production system with multiple identicalparallel servers, fixed production start-up costs and lost sales.
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Key Findings & Data:We test the performance of the proposed policy at severalinstances and reveal that it is near optimal.
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Conclusion & Impact:We also assess the value of dynamicstate information in general by comparing the proposed policy with the wellknownstatic inventory position based policy.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Domain Parameters

Abstract

This study considers a make-to-stock production system with multiple identicalparallel servers, fixed production start-up costs and lost sales. Processing times are assumed to be two-phase Coxian random variables that allows us to model thesystems having rework or remanufacturing operations. First, the dynamicprogramming formulation is developed and the structure of the optimal productionpolicy is characterized. Due to the highly dynamic nature of the optimal policy, asa second contribution we propose an easy-to-apply production policy. Theproposed policy makes use of the dynamic state information and controlled byonly two parameters. We test the performance of the proposed policy at severalinstances and reveal that it is near optimal. We also assess the value of dynamicstate information in general by comparing the proposed policy with the wellknownstatic inventory position based policy.

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Cite This Article

YÜCEL, Ö., BULUT, Ö. (2022). Control of M/Cox-2/s make-to-stock systems. An International Journal of Optimization and Control: Theories & Applications (IJOCTA), Cilt: 10 - Sayı: 1, 26–36. https://ajindex.com/articles/440563

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