Scheduling on a bottleneck station: A comprehensive cost model and heuristic algorithms

This paper presents a mathematical model for scheduling a single processor system to minimize aggregate operations cost consisting of inventory holding cost, opportunity cost due to the delay in realization of revenue, inflationary spiral effect, and the time value of money on costs yet to be incurred. We propose a number of heuristic algorithms for solving the model and provide extensive numerical experiments. Computational results are reported.