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      An integrated approach to inventory and flexible capacity management subject to fixed costs and non-stationary stochastic demand

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      Author
      Tan, T.
      Alp O.
      Date
      2009
      Source Title
      OR Spectrum
      Electronic ISSN
      1436-6304
      Publisher
      Springer
      Volume
      31
      Issue
      2
      Pages
      337 - 360
      Language
      English
      Type
      Article
      Item Usage Stats
      100
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      Abstract
      In a manufacturing system with flexible capacity, inventory management can be coupled with capacity management in order to handle fluctuations in demand more effectively. Typical examples include the effective use of temporary workforce and overtime production. In this paper, we discuss an integrated model for inventory and flexible capacity management under non-stationary stochastic demand with the possibility of positive fixed costs, both for initiating production and for using contingent capacity. We analyze the characteristics of the optimal policies for the integrated problem. We also evaluate the value of utilizing flexible capacity under different settings, which enable us to develop managerial insights. © 2008 The Author(s).
      Keywords
      Capacity management
      Flexible capacity
      Inventory
      Production
      Stochastic models
      Permalink
      http://hdl.handle.net/11693/22800
      Published Version (Please cite this version)
      http://dx.doi.org/10.1007/s00291-008-0122-y
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      • Department of Industrial Engineering 677
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