Economical Setting of Process Target with Multiple Markets
نویسنده
چکیده
The determination of the target for a manufacturing process involves a complex and fiscally vital decision. This study examines a situation where a product is classified into several grades with respect to specifications of markets. It is reasonably assumed that each grade gives its price and manufacturers cannot produce every item in good grade due to uncontrollable variation of product performance. This study then gives an attempt to determine the optimal process target that gives maximum profit to the manufacturer. The expected profit function for such situation would consider the profit associated with all product grades as well as the loss to the consumer upheld by the modern concept of Taguchi’s loss function. A method for identifying the optimal process target that reflects such situation is given by an optimization model.
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