Charkhsaz, Fatemeh; Haji, Alireza
March 2012
International Journal of Control Theory & Computer Modeling;Mar2012, Vol. 2 Issue 2, p15
Academic Journal
The classical single period problem (SPP) has wide use especially in service industries which constitute a great part of the economy. In this paper, a single period production problem is considered as a specific type of SPP. This SPP model is developed by considering the probability of scrap and rework in production at the beginning and during the period. Then, optimal solution is obtained in order to maximize the expected value of total profit. In case of producing the scrap items and defective items, which need rework, the optimal profit of system in comparison to ideal production system reduces. In addition, reduction of profit is more sensitive by increasing the probability of producing scrap items in comparison to the probability of producing defective items. These results would help managers in order to make appropriate decisions on changing or revising machines or technologies.


Related Articles

  • Data Analytical Due Diligence is Driving M&A Deals. Tiemann, Dan; Hartman, Joe // Financial Executive;Apr2013, Vol. 29 Issue 3, p32 

    The article looks at business mergers and acquisitions (M&A) in the U.S. as of April 2013, saying that economic conditions are conducive to an increasing volume of M&A activity and focusing on the role of data analytics in the due diligence process carried out in advance of an M&A deal. It says...

  • Financial Services Leaders Growing Less Confident. Ackerman, Ruthie // Money Management Executive;6/20/2011, Vol. 19 Issue 25, p5 

    The authors share their views on the results of the Business Optimism Index, a quarterly survey of U.S. financial services leaders by Grant Thornton LLP, particularly on an issue involving the low expectations of these leaders in the country's economy.

  • AT PRESS TIME.  // Investment Advisor;Jun2010, Vol. 30 Issue 6, p11 

    The article offers news briefs related to the financial services industry worldwide and the U.S. economic condition in 2010, including the belief that the U.S. economy is headed toward employment-wise, the collapse of the real estate market in Spain, and the expected closure of Stifel Nicolaus's...

  • 5 Dirty Secrets About the U.S. Economy. Haque, Umair // Harvard Business Review Digital Articles;5/2/2014, p2 

    The article reports on several negative aspects of the U.S. economy including deficits in public goods, the growing division between the rich and the poor, and the failure of apps, drones, corporations, and profits to create a society in which every life counts and fully lived.

  • Defining American Capitalism.  // Trends Magazine;Jul2012, Issue 111, p13 

    The article discusses the Fifth Techno-Economic Revolution or information revolution of the U.S. It highlights the decisions should be decided by the U.S. for such revolution such as whether to be a social market economy or choose liberal capitalism. It discusses the benefits and disadvantages...

  • Dynamics Of US Economic Recovery: Can We Still Count On The Finance And Insurance Sector? Abaidoo, Rexford // Journal of Business & Economics Research;Oct2011, Vol. 9 Issue 10, p75 

    This study takes a quantitative approach to examine the dynamic effects of post-recession sector and sub-sector growth performance on the pace of U.S. economic recovery. The study employs contributions to GDP growth rate among selected sectors and sub-sectors of the US economy to measure the...

  • 2011 Kickoff.  // Corn & Soybean Digest Exclusive Insight;1/ 4/2011, p4 

    The article presents an outlook and tips for the agriculture and general economy in the U.S. in 2011. It says that cash flows and financing plans should be developed for the future. It states that the LIBOR and Prime interest rates in should be monitored. Moreover, it recommends the development...

  • Development, Housing, and Not Much Else Show Rise. BURTON, PAUL // Bond Buyer;8/15/2011, Vol. 377 Issue 33565, p7A 

    The article offers updates on the economy of the U.S. It notes that long-term bond issuance has declined in the first half of 2011. The New Jersey Economic Development Authority had provided 1.1 billion dollars as a school construction bond. It notes that service industries have experienced a...

  • Multi-manager View.  // Money Marketing;7/1/2012, p24 

    The author looks at the possibility of an armageddon in the financial sector in 2012. He comments on the challenges facing the financial markets which include the eurozone crisis and the fiscal crisis in the U.S. He suggests ideas for achieving success in trade and commerce. He also comments on...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics