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Conference Paper: Lot Sizing Optimisation for Stochastic Make-to-order Manufacturing

TitleLot Sizing Optimisation for Stochastic Make-to-order Manufacturing
Authors
Keywordsbatch manufacturing
CFROI
lot sizing
shareholder wealth
stochastic processes
Issue Date2014
PublisherNewswood Ltd..
Citation
International MultiConference of Engineers and Computer Scientists (IMECS), Hong Kong, China, 12-14 March 2014. In Lecture Notes in Engineering and Computer Science, 2014, v. 2 How to Cite?
AbstractLot sizing is pivotal to batch manufacturing, especially in stochastic environments. Although progress has been made in the field for some operational objectives, the optimised results are often rendered unrealistic because few studies have considered the overall business goal and the economic environment where businesses operate. This paper examines a stochastic lot sizing optimisation model for make-to-order manufacturing with a focus on the overall business goal—the maximisation of shareholder wealth. In addition to the economic objective, the effect of the economic environment is also incorporated into this model. Numerical experiments validate the importance of considering such economic and financial constraints and objectives, especially for firms with relatively high setup costs or being sensitive to lead times. The proposed model can assist the management in gaining insight into potential challenges and opportunities pertinent to the shareholder wealth.
Persistent Identifierhttp://hdl.handle.net/10722/198613
ISBN
ISSN

 

DC FieldValueLanguage
dc.contributor.authorWang, Xen_US
dc.contributor.authorChoi, SHen_US
dc.date.accessioned2014-07-07T08:12:56Z-
dc.date.available2014-07-07T08:12:56Z-
dc.date.issued2014en_US
dc.identifier.citationInternational MultiConference of Engineers and Computer Scientists (IMECS), Hong Kong, China, 12-14 March 2014. In Lecture Notes in Engineering and Computer Science, 2014, v. 2en_US
dc.identifier.isbn9789881925336-
dc.identifier.issn2078-0958-
dc.identifier.urihttp://hdl.handle.net/10722/198613-
dc.description.abstractLot sizing is pivotal to batch manufacturing, especially in stochastic environments. Although progress has been made in the field for some operational objectives, the optimised results are often rendered unrealistic because few studies have considered the overall business goal and the economic environment where businesses operate. This paper examines a stochastic lot sizing optimisation model for make-to-order manufacturing with a focus on the overall business goal—the maximisation of shareholder wealth. In addition to the economic objective, the effect of the economic environment is also incorporated into this model. Numerical experiments validate the importance of considering such economic and financial constraints and objectives, especially for firms with relatively high setup costs or being sensitive to lead times. The proposed model can assist the management in gaining insight into potential challenges and opportunities pertinent to the shareholder wealth.en_US
dc.languageengen_US
dc.publisherNewswood Ltd..-
dc.relation.ispartofLecture Notes in Engineering and Computer Scienceen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectbatch manufacturing-
dc.subjectCFROI-
dc.subjectlot sizing-
dc.subjectshareholder wealth-
dc.subjectstochastic processes-
dc.titleLot Sizing Optimisation for Stochastic Make-to-order Manufacturingen_US
dc.typeConference_Paperen_US
dc.identifier.emailChoi, SH: shchoi@hkucc.hku.hken_US
dc.identifier.authorityChoi, SH=rp00109en_US
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros229964en_US
dc.identifier.volume2-
dc.publisher.placeHong Kong-

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