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Zbl 0979.90011
Hsu, Arthur; Bassok, Yehuda
Random yield and random demand in a production system with downward substitution. (English)
[J] Oper. Res. 47, No.2, 277-290 (1999). ISSN 0030-364X

Summary: We present and solve a single-period, multiproduct, downward substitution model. Our model has one raw material as the production input and produces $N$ different products as outputs. The demands and yields for the products are random. We determine the optimal production input and allocation of the $N$ products to satisfy demands. The problem is modeled as a two-stage stochastic program, which we show can be decomposed into a parameterized network flow problem. We present and compare three different solution methods: a stochastic linear program, a decomposition resulting in a series of network flow subproblems, and a decomposition where the same network flow subproblems are solved by a new greedy algorithm.

MSC 2000:: *90B05 Inventory management
90B30 Production models
90C35 Network programming
60H30 Appl. of stochastic analysis

Keywords: multiproduct inventory problem; single-period; multiproduct; downward substitution model; two-stage stochastic program; parameterized network flow problem; greedy algorithm

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