An Interdisciplinary Journal

* 2004, Vol.7, No.1, pp.61-68*

The paper extends the *Classical Economic Lot
Scheduling Problem* (**ELSP**) to the case of a volume flexible
manufacturing system in which
the production rate constitutes *Regulartime Product and
Overtime Product*. It is also assumed that (i) the demand rate is
stock-dependent and (ii) the stock undergoes decay or
deterioration over time at a constant rate. The associated
constrained Maximization Problem is solved numerically by using
the **Interior Penalty Function Method** for a given set of
parameter values to obtain the near-optimal solution.

*Key words: *
volume flexible manufacturing system, deteriorating
item, regulartime product, overtime product,
stock-dependent demand rate, constrained optimization

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Last updated: *April 15, 2004*