EAN: 9783642042461

PRODUCTION AND INVENTORY MANAGEMENT WITH SUBSTI...

Quantitativeapproachesforsolvingproductionplanningandinventorymanagement problems in industry
have gained growing importance in the past years. Due to the increasinguse of
AdvancedPlanningSystems  a widespreadpracticalapplicationof the sophisticated optimization
models and algorithms developed by the Production Management and Operations Research community
now seem within reach. The possibility that productscan be replaced by certain substitute
productsexists in various application areas of production planning and inventory management.
Substitutions can be useful for a number of reasons  among others to circ- vent production and
supply bottlenecks and disruptions  increase the service level  reduce setup costs and times 
and lower inventories and thereby decrease ca- tal lockup. Considering the current trend in
industry towards shorter product life cycles and greater product variety  the importance of
substitutions appears likely to grow. Closely related to substitutions are ?exible
bills-of-materials and recipes in multi-level production systems. However  so far  the aspect
of substitutions has not attracted much attention in academic literature. Existing lot-sizing
models matching complex requirements of industrial optimization problems (e.g.  constrained
capacities  sequence-dependent setups  multiple resources) such as the Capacitated Lot-Sizing
Problem with Sequence-Dependent Setups (CLSD) and the General Lot-Sizing and Scheduling Problem
for Multiple Production Stages (GLSPMS) do not feature in substitution options.

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