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Boundary conditions for generalized hedging point policies in stochastic manufacturing systems

Author

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  • VAN DELFT, Christian

Abstract

The production control, via hedging point policies, of a single part type manufacturing system with stochastic capacity and demand is discussed. In the present paper, several feasible operational modes may correspond to equal hedging points. For such generalized hedging point policies, we establish specific boundary conditions around the hedging points, which permit to compute the stationary probability density function for the hybrid state of the system.

Suggested Citation

  • VAN DELFT, Christian, 1999. "Boundary conditions for generalized hedging point policies in stochastic manufacturing systems," HEC Research Papers Series 692, HEC Paris.
    • Handle: RePEc:ebg:heccah:0692
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    More about this item

    Keywords

    Flow control in failure prone manufacturing systems; generalized hedging point policy; stationary probability density functions; boundary conditions;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management

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