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Stochastic Optimization of Production Planning

Author

Listed:
  • J. H. Beebe

    (The University of Texas, Austin, Texas)

  • C. S. Beightler

    (The University of Texas, Austin, Texas)

  • J. P. Stark

    (The University of Texas, Austin, Texas)

Abstract

A multistage decision problem is optimized using a new formulation of stochastic dynamic programming. The problem optimized in this paper concerns a semiconductor production process where the transitions at each work station are stochastic. The mathematical model employs at one stage a Markov decision process with an infinite number of substages and shows how this process may be compressed and handled as one stage in the larger problem.

Suggested Citation

  • J. H. Beebe & C. S. Beightler & J. P. Stark, 1968. "Stochastic Optimization of Production Planning," Operations Research, INFORMS, vol. 16(4), pages 799-818, August.
    • Handle: RePEc:inm:oropre:v:16:y:1968:i:4:p:799-818
    DOI: 10.1287/opre.16.4.799
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