Economic Lot Scheduling Problem
- Economic Lot Scheduling Problem
The Economic Lot Scheduling Problem (ELSP) is a problem in economics that has been studied by a large number of researchers for almost 50 years. The term was first used in 1958 by research professor Jack Rogers, who developed a computational model to solve the problem of determining the quantity that should be produced for a certain lot of products, as well as when the lot should be produced.
The ELSP is a mathematical model that was developed to try to solve a common issue on almost any company or industry: planning what to manufacture, when to manufacture and how much to manufacture. The classic problem concerns with scheduling the production of several items on a single machine in order to minimize the total costs incurred (which include: setup costs, holding inventory costs and production costs). The problem is well known in the Operations Research community, and a large body of academic research work has created to improve the model and to create new variations that solve specific issues.
The model is known as a NP hard problem since it is not currently possible to find the optimal solution without checking nearly every possibility. What has been done are some different approaches to try to solve it, including heuristics, genetic algorithms and others.
Wikimedia Foundation.
2010.
Look at other dictionaries:
List of production topics — Production Contents 1 Overview 2 History 3 General concepts 3.1 Manufacturing and manufacturing systems … Wikipedia
Just-in-time (business) — Just in time (JIT) is an inventory strategy implemented to improve the return on investment of a business by reducing in process inventory and its associated carrying costs. In order to achieve JIT the process must have signals of what is going… … Wikipedia
Single Minute Exchange of Die — (SMED) is one of the many lean production methods for reducing waste in a manufacturing process. It provides a rapid and efficient way of converting a manufacturing process from running the current product to running the next product. This rapid… … Wikipedia
Single-Minute Exchange of Die — (SMED) is one of the many lean production methods for reducing waste in a manufacturing process. It provides a rapid and efficient way of converting a manufacturing process from running the current product to running the next product. This rapid… … Wikipedia
operations research — the analysis, usually involving mathematical treatment, of a process, problem, or operation to determine its purpose and effectiveness and to gain maximum efficiency. [1940 45, Amer.] * * * Application of scientific methods to management and… … Universalium
performing arts — arts or skills that require public performance, as acting, singing, or dancing. [1945 50] * * * ▪ 2009 Introduction Music Classical. The last vestiges of the Cold War seemed to thaw for a moment on Feb. 26, 2008, when the unfamiliar strains … Universalium
Jack C. Hayya — is professor emeritus of management science at the Pennsylvania State University.Education*B.S., Civil Enginering, University of Illinois at Champaign Urbana, 1952 *M.S., Management, California State University, Northridge, 1961 [Hayya, Jack C.… … Wikipedia
international relations — a branch of political science dealing with the relations between nations. [1970 75] * * * Study of the relations of states with each other and with international organizations and certain subnational entities (e.g., bureaucracies and political… … Universalium
Smart grid — Public infrastructure … Wikipedia
2009–2011 Toyota vehicle recalls — Two of the vehicles under recall: the Toyota Camry (top) and the Toyota Corolla Three separate but related recalls of automobiles by Toy … Wikipedia
