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Dynamic Pricing Of A Multiclass Make To Stock Queue
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Book Synopsis Dynamic Pricing of a Multiclass Make-to-Stock Queue by : Baris Ata
Download or read book Dynamic Pricing of a Multiclass Make-to-Stock Queue written by Baris Ata and published by . This book was released on 2020 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a make-to-stock manufacturing system selling multiple products to price-sensitive customers. The system manager seeks to maximize the long-run average profit by making dynamic pricing, outsourcing, and scheduling decisions: First, she adjusts prices dynamically depending on the system state. Second, when the backlog of work is judged excessive, she may outsource (or reject) new orders thereby incurring outsourcing costs. Third, she decides dynamically on which product to prioritize in the manufacturing process, i.e., she makes dynamic scheduling decisions. This problem appears analytically intractable. Thus, we resort to an approximate analysis in the heavy-traffic regime and consider the resulting Brownian control problem. We solve this problem explicitly by exploiting the solution to a particular Riccati equation. The optimal solution to the Brownian control problem is a two-sided barrier policy with drift rate control: Outsourcing and idling processes are used to keep the workload process above the lower reflecting barrier and below the upper reflecting barrier, respectively. Between the two barriers, a state-dependent drift rate is used to control the workload process. By interpreting this solution in the context of the original model, we propose a joint dynamic pricing, outsourcing, and scheduling policy, and demonstrate its effectiveness through a simulation study.
Book Synopsis Women in Industrial and Systems Engineering by : Alice E. Smith
Download or read book Women in Industrial and Systems Engineering written by Alice E. Smith and published by Springer Nature. This book was released on 2019-09-13 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a diversity of innovative and impactful research in the field of industrial and systems engineering (ISE) led by women investigators. After a Foreword by Margaret L. Brandeau, an eminent woman scholar in the field, the book is divided into the following sections: Analytics, Education, Health, Logistics, and Production. Also included is a comprehensive biography on the historic luminary of industrial engineering, Lillian Moeller Gilbreth. Each chapter presents an opportunity to learn about the impact of the field of industrial and systems engineering and women’s important contributions to it. Topics range from big data analysis, to improving cancer treatment, to sustainability in product design, to teamwork in engineering education. A total of 24 topics touch on many of the challenges facing the world today and these solutions by women researchers are valuable for their technical innovation and excellence and their non-traditional perspective. Found within each author’s biography are their motivations for entering the field and how they view their contributions, providing inspiration and guidance to those entering industrial engineering.
Book Synopsis Rational Queueing by : Refael Hassin
Download or read book Rational Queueing written by Refael Hassin and published by CRC Press. This book was released on 2016-03-23 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understand the Strategic Behavior in Queueing SystemsRational Queueing provides one of the first unified accounts of the dynamic aspects involved in the strategic behavior in queues. It explores the performance of queueing systems where multiple agents, such as customers, servers, and central managers, all act but often in a noncooperative manner.T
Book Synopsis Stochastic Models in Reliability, Network Security and System Safety by : Quan-Lin Li
Download or read book Stochastic Models in Reliability, Network Security and System Safety written by Quan-Lin Li and published by Springer Nature. This book was released on 2019-10-21 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is dedicated to Jinhua Cao on the occasion of his 80th birthday. Jinhua Cao is one of the most famous reliability theorists. His main contributions include: published over 100 influential scientific papers; published an interesting reliability book in Chinese in 1986, which has greatly influenced the reliability of education, academic research and engineering applications in China; initiated and organized Reliability Professional Society of China (the first part of Operations Research Society of China) since 1981. The high admiration that Professor Cao enjoys in the reliability community all over the world was witnessed by the enthusiastic response of each contributor in this book. The contributors are leading researchers with diverse research perspectives. The research areas of the book iclude a broad range of topics related to reliability models, queueing theory, manufacturing systems, supply chain finance, risk management, Markov decision processes, blockchain and so forth. The book consists of a brief Preface describing the main achievements of Professor Cao; followed by congratulations from Professors Way Kuo and Wei Wayne Li, and by Operations Research Society of China, and Reliability Professional Society of China; and further followed by 25 articles roughly grouped together. Most of the articles are written in a style understandable to a wide audience. This book is useful to anyone interested in recent developments in reliability, network security, system safety, and their stochastic modeling and analysis.
Book Synopsis Optimal Dynamic Scheduling Policy for a Make-to-stock Production System by : Albert Y. Ha
Download or read book Optimal Dynamic Scheduling Policy for a Make-to-stock Production System written by Albert Y. Ha and published by . This book was released on 1993 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Static and Dynamic Pricing of Excess Capacity in a Make-to-Order Environment by : Joseph M. Hall
Download or read book Static and Dynamic Pricing of Excess Capacity in a Make-to-Order Environment written by Joseph M. Hall and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent years have seen advances in research and management practice in the area of pricing, and particularly in dynamic pricing and revenue management. At the same time, researchers and managers have made dramatic improvements in production and supply chain management. The interactions between pricing and production/supply chain performance, however, are not as well understood. Can a firm benefit from knowing the status of the supply chain or production facility when making pricing decisions? How much can be gained if pricing decisions explicitly and optimally account for this status? This paper addresses these questions by examining a make-to-order manufacturer that serves two customer classes - core customers who pay a fixed negotiated price and are guaranteed job acceptance, and "fill-in" customers who make job submittal decisions based on the instantaneous price set by the firm for such orders. We examine four pricing policies that span a range of complexity and required knowledge about the status of the production system at the manufacturer, including the optimal policy of setting a different price for each possible state of the queue. We demonstrate properties of the optimal policy, and we illustrate numerically the financial gains a firm can achieve by following this policy vs. simpler pricing policies. The four policies we consider are (1) state-independent (static) pricing, (2) allowing fill-in orders only when the system is idle, (3) setting a uniform price up to a cut-off state, and (4) general state-dependent pricing. Although general state-dependent pricing is optimal in this setting, we find that charging a uniform price up to a cut-off state performs quite well in many settings and presents an attractive trade-off between ease of implementation and profitability. Thus, a fairly simple heuristic policy may actually out-perform the optimal policy when costs of design and implementation are taken into account.
Download or read book Sharing Economy written by Ming Hu and published by Springer. This book was released on 2019-01-11 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited book examines the challenges and opportunities arising from today’s sharing economy from an operations management perspective. Individual chapter authors present state-of-the-art research that examines the general impact of sharing economy on production and consumption; the intermediary role of a sharing platform; crowdsourcing management; and context-based operational problems. Sharing economy refers to a market model that enables and facilitates the sharing of access to goods and services. For example, Uber allows riders to share a car. Airbnb allows homeowners to share their extra rooms with renters. Groupon crowdsources demands, enabling customers to share the benefit of discounted goods and services, whereas Kickstarter crowdsources funds, enabling backers to fund a project jointly. Unlike the classic supply chain settings in which a firm makes inventory and supply decisions, in sharing economy, supply is crowdsourced and can be modulated by a platform. The matching-supply-with-demand process in a sharing economy requires novel perspectives and tools to address challenges and identify opportunities. The book is comprised of 20 chapters that are divided into four parts. The first part explores the general impact of sharing economy on the production, consumption, and society. The second part explores the intermediary role of a sharing platform that matches crowdsourced supply with demand. The third part investigates the crowdsourcing management on a sharing platform, and the fourth part is dedicated to context-based operational problems of popular sharing economy applications. “While sharing economy is becoming omnipresence, the operations management (OM) research community has begun to explore and examine different business models in the transportation, healthcare, financial, accommodation, and sourcing sectors. This book presents a collection of the state-of-the-art research work conducted by a group of world-leading OM researchers in this area. Not only does this book cover a wide range of business models arising from the sharing economy, but it also showcases different modeling frameworks and research methods that cannot be missed. Ultimately, this book is a tour de force – informative and insightful!” Christopher S. Tang Distinguished Professor and Edward Carter Chair in Business Administration UCLA Anderson School of Management
Book Synopsis An Introduction to Queueing Theory by : U. Narayan Bhat
Download or read book An Introduction to Queueing Theory written by U. Narayan Bhat and published by Birkhäuser. This book was released on 2015-07-09 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introductory textbook is designed for a one-semester course on queueing theory that does not require a course on stochastic processes as a prerequisite. By integrating the necessary background on stochastic processes with the analysis of models, the work provides a sound foundational introduction to the modeling and analysis of queueing systems for a broad interdisciplinary audience of students in mathematics, statistics, and applied disciplines such as computer science, operations research, and engineering. This edition includes additional topics in methodology and applications. Key features: • An introductory chapter including a historical account of the growth of queueing theory in more than 100 years. • A modeling-based approach with emphasis on identification of models • Rigorous treatment of the foundations of basic models commonly used in applications with appropriate references for advanced topics. • A chapter on matrix-analytic method as an alternative to the traditional methods of analysis of queueing systems. • A comprehensive treatment of statistical inference for queueing systems. • Modeling exercises and review exercises when appropriate. The second edition of An Introduction of Queueing Theory may be used as a textbook by first-year graduate students in fields such as computer science, operations research, industrial and systems engineering, as well as related fields such as manufacturing and communications engineering. Upper-level undergraduate students in mathematics, statistics, and engineering may also use the book in an introductory course on queueing theory. With its rigorous coverage of basic material and extensive bibliography of the queueing literature, the work may also be useful to applied scientists and practitioners as a self-study reference for applications and further research. "...This book has brought a freshness and novelty as it deals mainly with modeling and analysis in applications as well as with statistical inference for queueing problems. With his 40 years of valuable experience in teaching and high level research in this subject area, Professor Bhat has been able to achieve what he aimed: to make [the work] somewhat different in content and approach from other books." - Assam Statistical Review of the first edition
Book Synopsis Supply Chain Scheduling by : Zhi-Long Chen
Download or read book Supply Chain Scheduling written by Zhi-Long Chen and published by Springer Nature. This book was released on 2022-02-07 with total page 699 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply chain scheduling is a relatively new research area with less than 20 years of history. It is an intersection of two traditional areas: supply chain management and scheduling. In this book, the authors provide a comprehensive coverage of supply chain scheduling. The book covers applications, solution algorithms for solving related problems, evaluation of supply chain conflicts, and models for encouraging cooperation between decision makers. Supply chain scheduling studies detailed scheduling issues within supply chains, as motivated by a variety of applications in the real world. Topics covered by the book include: Coordinated decision making in centralized supply chains, including integrated production and distribution scheduling, joint scheduling and product pricing, and coordinated subcontracting and scheduling. Coordination and competition issues in decentralized supply chains, including conflict and cooperation within scheduling decisions made by different parties in supply chains, and both cooperative and non-cooperative supply chain scheduling games. The book describes a variety of representative problems within each of these topics. The authors define these problems mathematically, describe corresponding applications, and introduce solution methods for solving each problem to improve supply chain performance.
Book Synopsis Dynamic Pricing and Production Control in a Two-Item Make-to-Stock System with Flexible Dual Sourcing and Lost Sales by : Ruobing Li
Download or read book Dynamic Pricing and Production Control in a Two-Item Make-to-Stock System with Flexible Dual Sourcing and Lost Sales written by Ruobing Li and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a joint control of pricing and production in a two-item inventory system, where each item can be produced by its dedicated source or a shared flexible source, under the lost-sales setting. The demands of the two items are correlated. Due to the complexity caused by the lost-sales assumption and the interplay between pricing and production decisions, we show the optimal value function satisfies five structural properties under certain conditions. The optimal ordering and pricing policies are then fully characterized by five production curves and two pricing functions. Different from existing literature, we show that the optimal price path may not be monotone in the inventory level of either item. Next, we estimate the value of flexibility by comparing two systems, one with the flexible source only and the other with the dedicated source only and show that the value of flexibility is positive if the flexible source has a faster production rate and a lower production cost. Through numerical experiments, we find that in most cases flexibility and dynamic pricing are substitute except for a few exceptions; and product substitution can either increase or decrease the value of flexibility.
Book Synopsis Perspectives in Operations Management by : Rakesh K. Sarin
Download or read book Perspectives in Operations Management written by Rakesh K. Sarin and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the fall of 1992 a conference honoring Elwood S. Buffa was held at the Anderson Graduate School of Management of the University of California, Los Angeles. This book is a collection of the work presented at that conference. The scholars who gathered to honor El are the prominent researchers in the field of Operations Management. Their collective work published in this book represents the richness of the field and provides the reader with valuable insights into its important issues and problems. While any grouping of the articles by these distinguished scholars will be arbitrary, I have organized the book in four sections. In the first section the articles dealing with the strategic issues in Operations Management are compiled. The articles deal with continuous improvement, quality, services, supply chain management, and creating value through operations. The articles that explore the interface of Operations Management with other functional areas, e.g. engineering and marketing, are grouped in the second section. The third section of the book contains articles that attempt to model some important planning problems that arise in the management of production and operations. Some of the papers in this section provide state of the art reviews of selected topic areas. Finally, the fourth section contains articles that deal with future directions for Operations Management. The authors offer several insights into the future evolution of the field. The book begins with the keynote address given by El Buffa at the start of the conference on November 2, 1991.
Book Synopsis Optimization Models and Concepts in Production Management by : Bradimaarte
Download or read book Optimization Models and Concepts in Production Management written by Bradimaarte and published by CRC Press. This book was released on 1995-04-13 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimization techniques in production management are becoming increasingly important for efficient and competitive manufacturing. This book presents a collection of tutorial papers by outstanding researchers on the application of optimization concepts. Topics introduced include hierarchical production planning and large scale scheduling, optimal production control, exact and heuristic algorithms for production scheduling and stochastic modelling.
Book Synopsis Production Planning and Pricing with Shared Capacity, Demand Uncertainty, and Lead-time Sensitive Customers by : Panupol Lerssrisuriya
Download or read book Production Planning and Pricing with Shared Capacity, Demand Uncertainty, and Lead-time Sensitive Customers written by Panupol Lerssrisuriya and published by . This book was released on 1998 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues in Industrial Relations and Management: 2013 Edition by :
Download or read book Issues in Industrial Relations and Management: 2013 Edition written by and published by ScholarlyEditions. This book was released on 2013-05-01 with total page 1135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Industrial Relations and Management: 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Management Science. The editors have built Issues in Industrial Relations and Management: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Management Science in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Industrial Relations and Management: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Download or read book Naval Research Logistics written by and published by . This book was released on 2007 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Management Science written by and published by . This book was released on 2004 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues for Feb. 1965-Aug. 1967 include Bulletin of the Institute of Management Sciences.
Download or read book Encyclopedia of Management written by and published by Gale Cengage. This book was released on 2009 with total page 1112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers numerous topics in management theories and applications, such as aggregate planning, benchmarking, logistics, diversification strategy, non-traditional work arrangements, performance measurement, productivity measures, supply chain management, and much more.
