Stochastic Programming Model for Production Planning with Stochastic Aggregate Demand and Spreadsheet-based Solution Heuristics

Autor:	Nasreddine Saadouli
Jazyk:	angličtina
Rok vydání:	2021
Předmět:	Management. Industrial management HD28-70 Economic growth development planning HD72-88
Zdroj:	Operations Research and Decisions, Vol vol. 31, Iss no. 4, Pp 117-127 (2021)
Druh dokumentu:	article
ISSN:	2081-8858 2391-6060
Popis:	By discretising the stochastic demand, a deterministic nonlinear programming formulation is developed. Then, a hybrid simulation-optimisation heuristic that capitalises on the nature of the problem is designed. The outcome is an evaluation problem that is efficiently solved using a spreadsheet model. The main contribution of the paper is providing production managers with a tractable formulation of the production planning problem in a stochastic environment and an efficient solution scheme. A key benefit of this approach is that it provides quick near-optimal so lutions without requiring in-depth knowledge or significant investments in optimisation techniques and software. (original abstract)
Databáze:	Directory of Open Access Journals
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