THE EFFECT OF TIME-VALUE OF MONEY ON DISCRETE TIME-VARYING DEMAND LOT-SIZING MODELS WITH LEARNING AND FORGETTING CONSIDERATIONS
作者:
HUANNENG CHIU,
HSINMIN CHEN,
期刊:
The Engineering Economist
(Taylor Available online 1997)
卷期:
Volume 42,
issue 3
页码: 203-221
ISSN:0013-791X
年代: 1997
DOI:10.1080/00137919708903179
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
In this paper, we consider the problem of incorporating learning, forgetting, and the time-value of money into discrete time-varying demand lot-sizing models to determine lot sizes and relevant costs. The occurrence of forgetting is caused by a break between two intermittent production runs which leads to retrogression in learning and loss of labor productivity. A present value approach is used to discount the stream of future cost flows. This paper extends the original Wagner-Whitin algorithm and the classical EOQ model to models in which the effects of learning, forgetting, and the time-value of money are considered simultaneously. Numerical examples and computational results indicate that corresponding parameters for the three effects have significant effects on the determination of lot sizes and relevant costs. Comparisons among models with and without the three effects are also made.
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