A Computational Approach to the Economic Lot Scheduling Problem

Abstract

In practice, the economic lot quantity problem and the scheduling problem often are treated separately in production planning. However, when a number of items must be supplied continuously and the same means of production must be employed for several of the items non-concurrently, the “economic lot scheduling problem” may have to be dealt with. Addressing itself to a reduced version of this problem, the article outlines a computational approach to finding a feasible and minimum cost (set-up plus storage) production schedule for a group of items which must be available continuously though produced consecutively in a single production center.