Scheduling a Make-To-Stock Queue: Index Policies and Hedging Points
نویسندگان
چکیده
منابع مشابه
Scheduling a Make-To-Stock Queue: Index Policies and Hedging Points
A single machine produces several different classes of items in a make-to-stock mode. We consider the problem of scheduling the machine to regulate finished goods inventory, minimizing holding and backorder or holding and lost sales costs. Demands are Poisson, service times are exponentially distributed, and there are no delays or costs associated with switching products. A scheduling policy di...
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Motivated by recent electronic marketplaces, we consider a single-product make-to-stock manufacturing system that uses two alternative selling channels: long-term contracts and a spot market of electronic orders. At time 0, the risk-averse manufacturer selects the long-term contract price, at which point buyers choose one of the two channels. The resulting long-term contract demand is a determi...
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We consider the problem of dynamically allocating production capacity between two products to minimize the average inventory and backorder costs per unit time in a make-to-stock single machine system. Using sample path comparisons and dynamic programming, we give a characterization of the optimal hedging point policy for a certain region of the state space. The characterization is simple enough...
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1 Introduction This paper is concerned with the use of stock indices futures to hedge the return on portfolios. This topic has received considerable attention in the literature, which will be briefly summarised in section 2 of the paper. First of all it is desirable to consider the nature of hedging. The main aim of hedging is assumed to be the minimisation of the variance of the return on the ...
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We consider a single-item make-to-stock production system. The item is demanded by several classes of customers with different backorder costs. The item can also satisfy demands from a salvage market without a backorder cost. Item processing times have an Erlang distribution. This allows us to model the information on the production status in a tractable way. We fully characterize the optimal s...
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ژورنال
عنوان ژورنال: Operations Research
سال: 1996
ISSN: 0030-364X,1526-5463
DOI: 10.1287/opre.44.4.634