Mean‐Variance Hedging for Production Planning with Multiple Products

2021 ◽  
Author(s):  
Liao Wang
Keyword(s):  
Production Planning ◽  
Multiple Products ◽  
Mean Variance

scholarly journals Joint optimization of economic production quantity and preventive maintenance with considering multi-products and reserve time

2017 ◽  
Vol 10 (3) ◽  
pp. 431
Author(s):  
Xuejuan Liu ◽  
Binrong Wang
Keyword(s):  
Production Planning ◽  
Preventive Maintenance ◽  
Optimal Number ◽  
Production Cycle ◽  
Maintenance Schedule ◽  
Multiple Products ◽  
Economic Production Quantity ◽  
Economic Production ◽  
Production Quantity ◽  
Reserve Time

Purpose: We deal with the problem of the joint determination of optimal economic production quantity (EPQ) and optimal preventive maintenance (PM) for a system that can produce multiple products alternately. The objective is to find the optimal number of production cycles and the PM policy simultaneously by minimizing the cost model.Design/methodology/approach: Considering the products go through the system in a sequence and a complete run of all products forms a production cycle. In each cycle, beyond production time we also consider some reserve time for maintenance and setup, shortage and overproduction may occur. We study the integrated problem based on two PM policies, and explain the situation with the other PM policies. The delay – time concept is used to model PM decisions.Findings: Using the integrated EPQ and PM model, we can calculate the optimal production planning and PM schedule simultaneously, especially we consider multiple products in each production cycle, which is more practical and economic than previous works.Originality/value: In modern companies, the production planning and maintenance schedule share the same system, and traditional research about two activities is separated, that always generate conflicts, such as inadequate or excessive maintenance, and shortages, etc., so we develop the integrated EPQ and PM model to avoid these undesirable effects.

A Linear Programming Model for Product Mix Profit Maximization in A Small Medium Enterprise Company

2020 ◽  
Vol 6 (1) ◽  
Author(s):  
S Mohd Baki ◽  
Jack Kie Cheng
Keyword(s):  
Linear Programming ◽  
Production Planning ◽  
Business Performance ◽  
Programming Model ◽  
Profit Maximization ◽  
Optimal Level ◽  
Linear Programming Model ◽  
Product Mix ◽  
Small Medium Enterprises ◽  
Medium Enterprises

Production planning is often challenging for small medium enterprises (SMEs) company. Most of the SMEs are having difficulty in determining the optimal level of the production output which can affect their business performance. Product mix optimization is one of the main key for production planning. Many company have used linear programming model in determining the optimal combination of various products that need to be produced in order to maximize profit. Thus, this study aims for profit maximization of a SME company in Malaysia by using linear programming model. The purposes of this study are to identify the current process in the production line and to formulate a linear programming model that would suggest a viable product mix to ensure optimum profitability for the company. ABC Sdn Bhd is selected as a case study company for product mix profit maximization study. Some conclusive observations have been drawn and recommendations have been suggested. This study will provide the company and other companies, particularly in Malaysia, an exposure of linear programming method in making decisions to determine the maximum profit for different product mix.

Improvements to production planning in oil sands mining through analysis and simulation of truck cycle times

CIM Journal ◽  
2019 ◽  
Vol 10 (1) ◽  
Author(s):  
E. Goris Cervantes ◽  
S. P. Upadhyay ◽  
H. Askari-Nasab
Keyword(s):  
Production Planning ◽  
Oil Sands ◽  
Cycle Times ◽  
Oil Sands Mining
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