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Author
Saadouli Nasreddine (Gulf University for Science and Technology, Kuwait)
Title
Stochastic Programming Model for Production Planning with Stochastic Aggregate Demand and Spreadsheet-based Solution Heuristics
Source
Operations Research and Decisions, 2021, vol. 31, no. 4, s. 117-127, rys., tab., bibliogr. 23 poz.
Keyword
Planowanie produkcji, Programowanie stochastyczne, Podejmowanie decyzji, Algorytmy, Arkusze kalkulacyjne, Heurystyka
Production planning, Stochastic programming, Decision making, Algorithms, Spreadsheets, Heuristics
Note
summ.
Abstract
By discretising the stochastic demand, a deterministic nonlinear programming formulation is developed. Then, a hybrid simulation-optimisation heuristic that capitalises on the nature of the problem is designed. The outcome is an evaluation problem that is efficiently solved using a spreadsheet model. The main contribution of the paper is providing production managers with a tractable formulation of the production planning problem in a stochastic environment and an efficient solution scheme. A key benefit of this approach is that it provides quick near-optimal so lutions without requiring in-depth knowledge or significant investments in optimisation techniques and software. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
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Bibliography
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ISSN
2081-8858
Language
eng
URI / DOI
http://dx.doi.org/10.37190/ord210406
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