Article ID: | iaor20001412 |
Country: | United Kingdom |
Volume: | 26 |
Issue: | 3 |
Start Page Number: | 237 |
End Page Number: | 254 |
Publication Date: | Mar 1999 |
Journal: | Computers and Operations Research |
Authors: | Wee Hui-Ming, Wang W.T. |
Keywords: | inventory, heuristics |
In this study, an economic production scheduling policy which allows for variations in production quantity, scheduling time and shortages is developed. Computational results using the model are compared with the results from existing studies. We show that the model developed is more cost-effective than several related models in the area. A sensitivity analysis has been conducted to shed light on the impact of changing model parameters on the chosen measure of performance.