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Stochastic Scheduling by the Horizon Method

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  • G. H. Symonds

    (Case Institute of Technology)

Abstract

The stochastic scheduling problem discussed in this paper is similar to the classical inventory model. It is concerned with the demand for a single commodity expressed as a set of independent stochastic variables with known distributions and an objective functional composed of production and inventory cost variables. The model, however, incorporates a uniquely determined planning horizon, and in the usual application requires only a finite number of time periods. The horizon period is based upon the minimum expected loss in the operation and therefore is subject to the stochastic variables of demand.

Suggested Citation

  • G. H. Symonds, 1962. "Stochastic Scheduling by the Horizon Method," Management Science, INFORMS, vol. 8(2), pages 138-167, January.
    • Handle: RePEc:inm:ormnsc:v:8:y:1962:i:2:p:138-167
    DOI: 10.1287/mnsc.8.2.138
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    Cited by:

    1. Nuthall, Peter L., 1980. "A Survey of Methods for Determining A Planning Horizon," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(01), pages 1-15, April.

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