DocumentCode
2212563
Title
Stochastic capacity control with different delay times for expansion and reduction
Author
Asl, Farshid Maghami ; Ulsoy, A. Galip
Author_Institution
Dept. of Mech. Eng., Michigan Univ., Ann Arbor, MI, USA
Volume
5
fYear
2003
fDate
4-6 June 2003
Firstpage
4421
Abstract
A novel optimal solution, based on Markov decision theory, is presented for the capacity management problem with stochastic market demand and different delay times in expansion and reduction between the time capacity change is ordered and the time it is delivered. The optimal policy in this paper is presented as optimal boundaries representing the optimal capacity expansion and reduction levels inspired by optimal inventory control.
Keywords
Markov processes; decision theory; delays; demand forecasting; stock control; Markov decision theory; capacity management problem; delay times; expansion; optimal boundaries; optimal inventory control; reduction; stochastic capacity control; stochastic market demand; Cost function; Decision theory; Delay effects; Engineering management; Inventory control; Manufacturing; Mechanical engineering; Production; Random variables; Stochastic processes;
fLanguage
English
Publisher
ieee
Conference_Titel
American Control Conference, 2003. Proceedings of the 2003
ISSN
0743-1619
Print_ISBN
0-7803-7896-2
Type
conf
DOI
10.1109/ACC.2003.1240535
Filename
1240535
Link To Document