Module 9:Application of stochastic processes in areas like manufacturing
  Lecture 33:Application of stochastic processes in Manufacturing with examples

The Lecture Contains:

Application of stochastic processes in areas like manufacturing

  • Product(s)/Good(s) to be produced

  • Decision variables

  • Structure of decision problem

  • Demand

  • Ordering/Production Cost

  • Holding

  • Shortages

  • Supply

  • Physical System

  • Information Structure

  • Resource usage

  • Economies of scale

  • Variability

  • Conflicting Interests

Single period model