A stochastic profit-maximising economic lot scheduling problem with price optimisation

Luciano Salvietti · Neale R. Smith · Leopoldo Eduardo Cárdenas‐Barrón

17 citations0/0 files storedEuropean J of Industrial Engineering

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Supply Chain and Inventory Management Scheduling and Optimization Algorithms Process Optimization and Integration

Abstract

A stochastic version of the economic lot sizing problem with pricing is presented. The control variables of the stochastic problem are the production quantities and cycle lengths for each product. The recourse variables are the sales prices and the external purchase quantities in each production cycle. A solution method based on simulation, decomposition, and column generation is proposed and tested using a number of designed experiments. The method is found to produce very close to optimal solutions quickly.

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References

1994Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons 2004Coordinating Inventory Control and Pricing Strategies with Random Demand and Fixed Ordering Cost: The Finite Horizon Case 2004Coordinating Inventory Control and Pricing Strategies with Random Demand and Fixed Ordering Cost: The Infinite Horizon Case 1986Models for Design and Control of Stochastic, Multi-Item Batch Production Systems 1980The Multi-Product Production Cycling Problem 2011Multi products single machine EPQ model with immediate rework process 2011Multiproduct EPQ model with single machine, backordering and immediate rework process 1994The Strategic Use of Capacity Slack in the Economic Lot Scheduling Problem with Random Demand

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2017Supply chain coordination with random yield and demand uncertainty 2019Pricing Decision within an Inventory Model for Complementary and Substitutable Products 2018A game theoretic approach to optimal pricing of flights and passengers at congested airports

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