The optimality of hedging point policies for stochastic two-product flexible manufacturing systems
成果类型：
Article
署名作者：
Chen, SX
署名单位：
Nanyang Technological University
刊物名称：
OPERATIONS RESEARCH
ISSN/ISSBN：
0030-364X
DOI：
10.1287/1030.0087
发表日期：
2004
页码：
312-322
关键词：
摘要：
This paper studies the stochastic two-item, periodic review, single facility, flexible manufacturing systems, where stochasticity comes from random demands or/and unreliable production process. Based on a notion called mu-difference monotone introduced in this paper, we prove that the hedging point policy is optimal to the systems in general for both finite and infinite horizon cases of the problems. This result is (demand) distribution free and does not require strict convexity or even differentiability of the one-period expected cost function. A general characterization of the hedging point policy, together with monotone switching curves, is provided.