IEEE Transactions on Automatic Control, Vol.46, No.4, 541-549, 2001
Optimal PHP production of multiple part-types on a failure-prone machine with quadratic buffer costs
We consider a single, failure-prone machine, producing multiple part-types. The objective is to minimize the expected sum of quadratic buffer costs. In general, the optimal solution to this problem is unknown. However, by restricting the allowable set of control policies to the class of prioritized hedging point policies, we are able to determine simple, analytical expressions for the optimal hedging points. We also provide some results for choosing the optimal priority ordering.
Keywords:manufacturing systems;prioritized hedging point control;production control;scheduling policies