A local search algorithm for the optimization of the stochastic economic lot scheduling problem

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Simulation Optimization for the Stochastic Economic Lot Scheduling Problem

We study simulation optimization methods for the stochastic economic lot scheduling problem. In contrast to prior research, we focus on methods that treat this problem as a black box. Based on a large-scale numerical study, we compare approximate dynamic programming with a global search for parameters of simple control policies. We propose two value function approximation schemes based on linea...

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A tabu search algorithm for solving economic lot scheduling problem

The economic lot scheduling problem has driven considerable amount of research. The problem is NP-hard and recent research is focused on finding heuristic solutions rather than searching for optimal solutions. This paper introduces a heuristic method using a tabu search algorithm to solve the economic lot scheduling problem. Diversification and intensification schemes are employed to improve th...

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The stochastic economic lot scheduling problem: A survey

We consider the production of multiple standardized products on a single machine with limited capacity and set-up times under random demands and random production times, i.e., the so-called stochastic economic lot scheduling problem (SELSP). The main task for the production manager in this setting is the construction of a production plan for the machine that minimizes the total costs, i.e., the...

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A profit-maximizing economic lot scheduling problem with price optimization

The economic lot scheduling problem (ELSP) is a well known problem that focuses on scheduling the production of multiple items on a single machine such that inventory and setup costs are minimized. In this paper, we extend the ELSP to include price optimization with the objective to maximize profits. A solution approach based on column generation is provided and shown to produce very close to o...

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ژورنال

عنوان ژورنال: International Journal of Production Economics

سال: 2004

ISSN: 0925-5273

DOI: 10.1016/s0925-5273(03)00201-9