Optimal production run for processes with constant and random drifts

Optimal production run for processes with constant and random drifts

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Article ID: iaor19992874
Country: Netherlands
Volume: 56/57
Issue: 1
Start Page Number: 13
End Page Number: 19
Publication Date: Sep 1998
Journal: International Journal of Production Economics
Authors: ,
Keywords: production
Abstract:

In this paper, we consider a production process with a continuous drift in the mean of a quality characteristic of the product. We develop models for this problem in which we consider the drift to be either known in advance and constant, or occurring in a random fashion. We analyse the developed models and discuss the shape of the resulting cost function for one of the models which helps in obtaining a global solution of the problem. We suggest several schemes for solving the resulting models which give policies for optimal tool replacement. We also present some numerical examples.

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