The economic lot scheduling problem (ELSP) is a problem in operations management that has been studied by a large number of researchers for more than 50 years. The term was first used in 1958 by professor Jack Rogers of Berkeley, who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide both the lot size for each product and when each lot should be produced. The ELSP is a mathematical model of a common issue for almost any company or industry: planning what to manufacture, when to manufacture and how much to manufacture.
Read more about Economic Lot Scheduling Problem: Model Formulation, Problem Status
Famous quotes containing the words economic, lot and/or problem:
“The economic dependence of woman and her apparently indestructible illusion that marriage will release her from loneliness and work and worry are potent factors in immunizing her from common sense in dealing with men at work.”
—Mary Barnett Gilson (1877–?)
“I see a lot of fog and a few lights. I like it when life’s hidden. It gives you a chance to imagine nice things, nicer than they are.”
—Ben Hecht (1893–1964)
“The writer operates at a peculiar crossroads where time and place and eternity somehow meet. His problem is to find that location.”
—Flannery O’Connor (1925–1964)