2004•Journal of Statistics and Management SystemsRequires access

Impact of processing time and related costs on optimal lot sizing in manufacturing

Kizhanatham V. Ramaswamy, Marion Smith

Abstract

The impact of processing time and related costs on economic lot sizing in a manufacturing environment when they can be varied through process control is explored in this paper. For a given setup cost and carrying cost, the optimal lot size to minimize the total stocking cost, in our model, will be a function of process variables subject to process, in-process storage, and demand rate constraints. An approach is presented for finding the optimal lot size in this context when the manufacturing cost per unit of product is a quadratic or linear function of processing time.

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Key concepts: Sizing, Holding cost, Context (archaeology), Process (computing), Product (mathematics), Computer science, Unit cost, Function (biology)