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Excerpt from Seasonal Inventories and the Use of Product-Flexible Manufacturing Technology
As advancing technology makes Flexible Manufacturing Systems (FMS's)a viable option for an increasing number of firms and products, determining their economic value has become increasingly important. Despite considerable research in this area, the effect of the ability or inability to hold interperiod inventories on the value of FMS's has received relatively little attention.
This paper proposes a stochastic dynamic programming model for the production capacity investment decision that explicitly allows the firm to carry interperiod inventories for safety stock and seasonal stock motives, and it analyzes a simplified convex programming model that considers seasonal stock motives only. A variety of qualitative results are obtained for the case of periodic market conditions that are not known when the firm makes its investment decision. The complete solution is reported on for the case of deterministic periodically varying market conditions. Examples are given for both cases.
The analysis leads to some surprising results, including the fact that interperiod inventories and flexible capacity can be complements as well as substitutes. Hence, the analysis can be an important supplement to unguided intuition.
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Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
As advancing technology makes Flexible Manufacturing Systems (FMS's)a viable option for an increasing number of firms and products, determining their economic value has become increasingly important. Despite considerable research in this area, the effect of the ability or inability to hold interperiod inventories on the value of FMS's has received relatively little attention.
This paper proposes a stochastic dynamic programming model for the production capacity investment decision that explicitly allows the firm to carry interperiod inventories for safety stock and seasonal stock motives, and it analyzes a simplified convex programming model that considers seasonal stock motives only. A variety of qualitative results are obtained for the case of periodic market conditions that are not known when the firm makes its investment decision. The complete solution is reported on for the case of deterministic periodically varying market conditions. Examples are given for both cases.
The analysis leads to some surprising results, including the fact that interperiod inventories and flexible capacity can be complements as well as substitutes. Hence, the analysis can be an important supplement to unguided intuition.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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- EditoreForgotten Books
- Data di pubblicazione2018
- ISBN 10 1332281222
- ISBN 13 9781332281220
- RilegaturaCopertina flessibile
- Numero di pagine58
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Seasonal Inventories and the Use of ProductFlexible Manufacturing Technology Classic Reprint
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Descrizione libro PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo LW-9781332281220
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Seasonal Inventories and the Use of Product-Flexible Manufacturing Technology
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Forgotten Books
(2018)
ISBN 10: 1332281222
ISBN 13: 9781332281220
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Descrizione libro Paperback. Condizione: New. Print on Demand. Excerpt from Seasonal Inventories and the Use of Product-Flexible Manufacturing Technology. About the Publisher, Forgotten Books publishes hundreds of thousands of rare and classic books. This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. This text has been digitally restored from a historical edition. Some errors may persist, however we consider it worth publishing due to the work's historical value. The digital edition of all books may be viewed on our website before purchase. print-on-demand item. Codice articolo 9781332281220_0
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Seasonal Inventories and the Use of ProductFlexible Manufacturing Technology Classic Reprint
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Descrizione libro PAP. Condizione: New. New Book. Shipped from UK. Established seller since 2000. Codice articolo LW-9781332281220
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