INVENTORY MODELS: OPTIMIZATION BY GEOMETRIC PROGRAMMING

Geometric programming is a mathematical programming technique that is designed to determine the constrained minimum value of a generalized polynomial objective function. To date, most applications of the technique have been restricted to certain classes of engineering problems. This paper presents a brief summary of geometric programming and then illustrates its application to managerial problems by applying it to three well-known inventory models.     

A COMPARISON OF ORDER-RELEASE AND DISPATCH RULES FOR THE DYNAMIC WEIGHTED EARLY/TARDY PROBLEM

The early/tardy problem is one of the most vexing pieces of the complex production scheduling decision process. So far most of the research has been on single-machine environments. Hence, we considered the weighted early/tardy scheduling problem in a simulated dynamic multimachine job shop. We analyzed controlled job-release and dispatch rules using time and cost information at a variety of stationary and nonstationary utilization rates, due-date allowances, and early/tardy cost levels. We found a newly developed method for controlling the release for all job operations using early/tardy cost information, superior to other release mechanisms overall in both our stationary and nonstationary analyses. We found immediate release useful at many high utilization conditions and a gateway-only release method best in many low utilization conditions. A modified version of a single-machine early/tardy dispatch method was clearly superior to the dispatch rules for almost all the simulated shop conditions.