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Articles 691 - 720 of 1238
Full-Text Articles in Business
Decision Support System For Capacity Planning And Operational Design, Mahesh Chandra Pati
Decision Support System For Capacity Planning And Operational Design, Mahesh Chandra Pati
Research Reports from the Department of Operations
The purpose of this dissertation was to provide a decision support system to address the capacity planning and operational design issues of a multi-product, multi-family, multi-stage serial flow production line. The existing algorithms find production schedules either for a single-product case or for a multi-product, single-family manufacturing system of only one stage. The latter problem is an NP-complete problem. The model developed in this thesis is called the Manufacturing Analysis System (MAS). MAS determines a feasible schedule that will minimize the total setup and inventory holding costs, which should be close to the optimal schedule. The Extended Basic Period (EBP) …
Development Of Human Capital And Its Relationship With Economic Growth, Moon Ho Song
Development Of Human Capital And Its Relationship With Economic Growth, Moon Ho Song
Research Reports from the Department of Operations
In the post industrial era, human capital is known to be the most vital source of economic growth. It is developed in many ways. The most obvious of which is by means of formal education and research, especially higher education and organized research. This thesis first develops a methodology for analyzing the contributions of higher education and research and development to economic growth. The methodology is based on economic theory of production and technical change. The transcendental logarithmic production function was employed for the model. The methodology was then empirically tested and evaluated based on 1955 to 1983 time series …
Classification Of Time-Dependent Observations With Different Population Trends, Jung Jin Lee
Classification Of Time-Dependent Observations With Different Population Trends, Jung Jin Lee
Research Reports from the Department of Operations
In many areas of research, multivariate data are collected from a subject repeatedly over time. One problem associated with these data is the classification of the subject into one of two populations. If the trends of each population have the same functional forms (polynomials), it was shown that the Regression-Discriminant (RD) procedure yields smaller error rates in general (Browdy (1978)). However, the RD procedure is not appropriate when the population trends have different functional forms from each other. The Successive Bayesian procedure is designed in this dissertation to classify time-dependent data when the population trends have different functional forms and …
A Foodservice Classification And Planning Model For Hospitals And Health Care Facilities, Emmanuel Solis Escueta
A Foodservice Classification And Planning Model For Hospitals And Health Care Facilities, Emmanuel Solis Escueta
Research Reports from the Department of Operations
This report presents the results of a research effort geared towards the development of a planning tool which brings to the decision-maker's attention the various costs involved in operating a health-care foodservice facility. The research has yielded two foodservice configuration models: a classification model (BMKPHD) and an interactive foodservice configuration planning model. The BMKPHD classification model is a novel classification scheme based on the presence or absence of basic foodservice components. It is an attempt to minimize the confusion brought about by present-day equipment-based classification schemes. Furthermore, the BMKPHD scheme acts as a catalyst for planners / decision-makers by providing …
A Set Partitioning Approach To The Vehicle Routing Problem, Yogesh Kumar Agarwal
A Set Partitioning Approach To The Vehicle Routing Problem, Yogesh Kumar Agarwal
Research Reports from the Department of Operations
This dissertation presents a new algorithm for the Vehicle Routing Problem (VRP) based on the set partitioning approach. Given a depot, a number of delivery points (stops) with known demands, and the vehicles with given capacities, the problem is to find the set of most economical vehicle routes satisfying all demand. Each route originates and terminates at the depot and must be feasible with respect to the truck capacity. In the set partitioning approach, each route is represented by a binary column with elements 1 for stops visited on the routes and 0 for stops not visited. The obvious difficulty …
Multivariate Quality Control : An Hypothesis Testing And Optimization Approach To Effective Use And Measure Of Performance, Joel K. Jolayemi
Multivariate Quality Control : An Hypothesis Testing And Optimization Approach To Effective Use And Measure Of Performance, Joel K. Jolayemi
Research Reports from the Department of Operations
There are many good techniques, whose developments are based on sound statistical and economic considerations, available for use in the design of Univariate Quality Control (UQC). Despite their familiarities and popularities in UQC, many of these techniques have not been adopted for use in Multivariate Quality Control (MQC). In this dissertation, we have classified the various design techniques used for Shewhart's plan into two parts, viz: 1) the hypothesis testing approach, and 2) the optimization approach. A few good design techniques in the two categories above have been thoroughly modified and extended for the design of MQC plans. Under the …
Improving And Expanding The Role Of D-Optimality In Experimental Designs With Emphasis On Response Surfaces, Chin-Kyooh Lee
Improving And Expanding The Role Of D-Optimality In Experimental Designs With Emphasis On Response Surfaces, Chin-Kyooh Lee
Research Reports from the Department of Operations
When an experimenter performs experiments, the most important consideration is the experimental design. However, if the experimental cost is low, the experimental design is not a problem because the experimenter is at liberty to choose any design he wants. But if the cost is high and the number of experiments is restricted, then the experimental design becomes critical. Classical experimental designs are the best designs and they have unique properties. But they cannot be used when the experimenter is confronted with special problems such as a restriction on the number of experiments, restricted experimental runs, augmentation of designs, or special …
On The Voids In Us National Education Statistics, Arnold Reisman, Peter H. Ritchken, Bruce Pollack-Johnson, Burton V. Dean, Emmanuel Solis Escueta, Gang Li
On The Voids In Us National Education Statistics, Arnold Reisman, Peter H. Ritchken, Bruce Pollack-Johnson, Burton V. Dean, Emmanuel Solis Escueta, Gang Li
Research Reports from the Department of Operations
In forecasting the supply and demand of highly trained human resources at the national level, it must be recognized that people flow through a network which starts at kindergarten and ends in higher education. The upper reaches of this pipeline exhibit many branches and even some feedback loops. Network models used in such forecasting require people flow data, in addition to many socio-economic and political considerations. This paper, using a systems approach, points out the voids in the U.S. national education statistics.
A Taxonomy Of Manpower Forecasting And Planning, Moon Ho Song, Arnold Reisman
A Taxonomy Of Manpower Forecasting And Planning, Moon Ho Song, Arnold Reisman
Research Reports from the Department of Operations
This paper synthesizes landmark developments in manpower forecasting and planning models, presenting a comprehensive taxonomy grounded in the methods and decision factors used in these processes. The proposed schema encompasses all relevant factors identified in existing literature and offers a general methodology with a highly complex structure. The taxonomy’s development is guided by two core objectives: (1) to identify significant factors relevant to manpower forecasting and planning models, and (2) to classify existing models as subcases of a general acronym, enabling systematic delineation of most conceivable models by modifying terms or subscripts. The classification framework is applied to codify landmark …
Some Generalizations And Applications Of Thinning Of Point Processes-Covariance Analysis, Lung-Kuang Liang
Some Generalizations And Applications Of Thinning Of Point Processes-Covariance Analysis, Lung-Kuang Liang
Research Reports from the Department of Operations
This dissertation addresses the areas of thinning and superposition of point and marked point processes. Specifically, we examine the dependencies between the thinned processes obtained when an original point process is thinned to produce two or more point processes. These dependencies have been examined at the level of cross-covariances under certain assumptions about the original point process as well as the thinning rule. In particular, the following independent thinning of point processes models are studied: 1) Bernoulli thinning of delayed renewal processes, exponential moving-average processes of order 1 and doubly stochastic; 2) Poisson processes; 3) Multinomial thinning of point processes; …
Optimal Inventory And Replacement Policy With Production Dependent Equipment Deterioration, Chin-Chih Ho
Optimal Inventory And Replacement Policy With Production Dependent Equipment Deterioration, Chin-Chih Ho
Research Reports from the Department of Operations
A periodic review, stochastic demand, dynamic, combined production inventory and equipment replacement problem is considered. The production system is subject to deterioration and random failure with probability dependent on initial state and quantity produced in a period. The problem is formulated as a discounted Markov decision process with two-dimensional state and action spaces. Assumptions are presented which are sufficient to prove that a simply structured production and replacement policy is optimal in any finite or infinite horizon case. The objective is to minimize the total expected discounted cost. In the finite horizon case, two different types of models, namely, the …
On Option Pricing Bounds, Peter H. Ritchken
On Option Pricing Bounds, Peter H. Ritchken
Research Reports from the Department of Operations
The purpose of this article is to compare the Perrakis and Ryan bounds of option prices in a single period model with option bounds derived using linear programming. It is shown that the upper bounds are identical but that the lower bounds are different. A comparison of these bounds, together with Merton's bounds and the Black-Scholes prices in a lognormal securities market, is presented.
A Stochastic Dominance Algorithm Using Piecewise Linear Approximations, Peter H. Ritchken, Yogesh Kumar Agarwal, Alok K. Gupta
A Stochastic Dominance Algorithm Using Piecewise Linear Approximations, Peter H. Ritchken, Yogesh Kumar Agarwal, Alok K. Gupta
Research Reports from the Department of Operations
Current stochastic dominance algorithms use step functions to approximate the cumulative distributions of the alternatives even when the underlying random variables are known to be continuous. Since stochastic dominance tests require repeated integration of the cumulative distribution functions, a compounding of errors may result from this approximation. This article introduces a new stochastic dominance algorithm that approximates the cumulative distribution function by piecewise linear approximations. Comparisons between the new and old algorithms are performed for normally distributed alternatives.
Warranty Design Under Buyer And Seller Risk Aversion, Peter H. Ritchken, Charles S. Tapiero
Warranty Design Under Buyer And Seller Risk Aversion, Peter H. Ritchken, Charles S. Tapiero
Research Reports from the Department of Operations
This paper provides a framework in which warranty policies for non-repairable items can be evaluated according to risk preferences of both buyers and sellers. In particular, a warranty price schedule is established such that sellers are indifferent among the policies. Given this schedule, a buyer's response is expressed by selecting the price-warranty combination that minimizes disutility. Within this framework, a warranty can be viewed as an instrument of risk management that can induce more sales and greater profitability. For given utility functions, analytical results for the development of a price schedule are developed. Numerical results illustrate the substitution effects between …
The Servicing Capacity/Quality Control Problem, Jagadeesh Chandramohan, Peter H. Ritchken, Charles S. Tapiero
The Servicing Capacity/Quality Control Problem, Jagadeesh Chandramohan, Peter H. Ritchken, Charles S. Tapiero
Research Reports from the Department of Operations
Product reliability decisions, quality control policies, and warranty and servicing contracts impact costs and profits. The purpose of this article is to simultaneously determine reliability levels, quality control, and post-sales repairing/ servicing capacities, so as to maximize profitability. Based on long-run average profits, and using a renewal theory approach, a framework is developed, whereby the substitution effects of the decision variables can be explored. Specific examples of the procedure are investigated. These include a simple attribute quality control scheme with random production lot sizes and a curtailed sampling scheme with fixed production lots.
Displan: A Multiproduct Plant/Warehouse Location Model With Nonlinear Inventory Costs, Ronald H. Ballou
Displan: A Multiproduct Plant/Warehouse Location Model With Nonlinear Inventory Costs, Ronald H. Ballou
Research Reports from the Department of Operations
DISPLAN is a large-scale computer model used for the strategic planning of physical supply and distribution networks. This planning may involve determining the number, size, and location of plants, warehouses, inventories, terminals, and similar facilities. Although several mathematical models address this problem, a unique feature of DISPLAN is its handling of nonlinear inventory costs. The proper economic analysis of network designs requires balancing all relevant costs to achieve the minimum cost configuration of facilities. These costs include facility inbound and outbound transportation costs, facility fixed costs, warehouse storage and handling costs, order processing costs, and inventory carrying costs. Accurately describing …
Warranty Policies For Non-Repairable Items Under Risk Aversion, Peter H. Ritchken
Warranty Policies For Non-Repairable Items Under Risk Aversion, Peter H. Ritchken
Research Reports from the Department of Operations
An approach is presented for analyzing warranty policies for items receiving renewable warranties when failure occurs during the warranty interval. The model presented corrects a model of Thomas and then extends the methodology by describing how sellers’ risk aversity influences the policy. It is shown that for exponential failures, linear rebate policies are more attractive to risk averse sellers than shorter term full rebate policies that result in the same expected cost.
The Management Of Innovative Start-Up Firms, Burton V. Dean
The Management Of Innovative Start-Up Firms, Burton V. Dean
Research Reports from the Department of Operations
Entrepreneurship is having a major impact on this country's economy in terms of both job creation and capital appreciation. Published studies have demonstrated that there are several features common to the start-up of technology-based entrepreneurially oriented organizations. However, there is no evidence in the published literature on the subject of a network planning method being developed and applied to manage such ventures. This is in significant contrast to the widespread use of such planning methods in other areas of management to schedule and control complex projects. Based on the use of a systems approach, a project management method is developed …
A Retail Chain Multi Product Repricing Methodology, Kamlesh Mathur, Susumu Morito, Julio N. Berrettoni, Mohan Sundaram
A Retail Chain Multi Product Repricing Methodology, Kamlesh Mathur, Susumu Morito, Julio N. Berrettoni, Mohan Sundaram
Research Reports from the Department of Operations
In the marketing literature, various models have been suggested for the initial pricing of commercial products. However, not much work has been reported for the subsequent repricing function performed periodically, in particular, by retail chains, due to frequent changes in one or more of the product characteristics. This paper discusses the repricing problem and develops a nonlinear regression based methodology to design and implement a computerized system to perform this function. The model has been tested and validated for use in a large national retail chain.
Contingent Claims Contracting For Purchasing Decisions In Inventory Management, Peter H. Ritchken, Charles S. Tapiero
Contingent Claims Contracting For Purchasing Decisions In Inventory Management, Peter H. Ritchken, Charles S. Tapiero
Research Reports from the Department of Operations
The purpose of this paper is to provide a risk management approach which uses negotiated option contracts for hedging against price and quantity uncertainty in inventory procurement. Conditions for the inclusion of options in inventory control are derived as a function of managerial attitudes towards risk.
On Using Sor Techniques For Solution Of A Large, Sparse, Nonsymmetric System, Yvonne Gibson-Robinson
On Using Sor Techniques For Solution Of A Large, Sparse, Nonsymmetric System, Yvonne Gibson-Robinson
Research Reports from the Department of Operations
The discretization of many physical problems produces a large linear system Ax = b where the obvious solution is x = A^-1b. However, for large systems it is computationally infeasible to find A^-1 explicitly. In such cases, iterative procedures are used to find the solution vector. The purpose of this Thesis is to study and modify one particular iterative procedure, the Successive Overrelaxation (SOR) algorithm, used to solve a Reservoir Model. The structure of the A matrix and Mathematical Programming concepts are used to develop and implement an efficient SOR algorithm.
Innovative Start-Up Management, Gary Dean Lorenz
Innovative Start-Up Management, Gary Dean Lorenz
Research Reports from the Department of Operations
This thesis develops, tests, and evaluates a general network-based model for use in the management of an innovative start-up. The major tasks accomplished in a start-up are identified. The tasks include R&D and Engineering, Financial, Market Research, Organization, Legal and Accounting, Manufacturing, and Marketing. For each major task, the significant activities, precedence relations, decision nodes, alternative choices of action, and feedback loops are identified. The Q-GERT package (written in FORTRAN) simulates the innovative management process described by the general network-based model. A flexible computer program yields values of such parameters as an activity criticality index, expected times to achieve each …
An Information Theoretic Forecasting Methodology, Keith Kerwin Mclain
An Information Theoretic Forecasting Methodology, Keith Kerwin Mclain
Research Reports from the Department of Operations
A forecasting methodology has been developed which is based on information theory. This methodology uses the idea that autoregressive (AR) representation of a stationary, Normally distributed time series is equivalent to a model of such a time series which has maximum information content. To apply this idea, two programs were developed. The first program utilizes an Adaptive Sequential Segmentation Algorithm, which is based on an information theoretic measure, to detect subseries in a piecewise stationary time series. This is done to accommodate abrupt or discontinuous changes in the underlying process parameters. A second program utilizes the Akaike Information Criterion to …
Project Management For Technicare Hps 1440 Software Engineering, Burton V. Dean, Atul Bhatt
Project Management For Technicare Hps 1440 Software Engineering, Burton V. Dean, Atul Bhatt
Research Reports from the Department of Operations
The major purpose of the study was to develop and apply project management techniques for efficient planning, scheduling and controlling of the various software development activities associated with the HPS 1440. To accomplish this goal, the following objectives were required to be satisfied: (1) What subsystems (tasks) required software engineering development, (2) For each task, what activities were performed, (3) What were the precedence relationships among the activities, (4) What is the estimated activity durations, and (5) What is the estimated completion time of the project? To accomplish the above objectives and management requirements, the study team envisioned utilizing the …
A New Approach For Determining When The Linear Complementarity Problem Has No Solution, Venky Venkateswaran
A New Approach For Determining When The Linear Complementarity Problem Has No Solution, Venky Venkateswaran
Research Reports from the Department of Operations
For the Linear Complementarity Problem (LCP) we have developed a finite descent algorithm that is capable of obtaining an optimal solution when the given matrix is a P-matrix. Conventional finite descent algorithms for solving geometric optimization problems move only from the current point to a geometrically adjacent one while traversing the feasible region. Here, we develop an algorithm that may 'jump' over infeasible regions during its operation. In a sense analogous to the methods of combinatorial optimization, the proposed algorithm exploits a 'nearness' structure that is defined not with respect to physical adjacency but with respect to the objective function …
The Role Of Index Options As Investments, Peter H. Ritchken, Harvey M. Salkin, Gregory B. Getts
The Role Of Index Options As Investments, Peter H. Ritchken, Harvey M. Salkin, Gregory B. Getts
Research Reports from the Department of Operations
In the first section of this article we consider an investor who holds a mutual fund on which index options trade. As a comparison, we also consider a portfolio consisting of shares of the fund, Black Scholes priced index options, and cash. This portfolio is constructed so that it has the same expected return as the fund but significantly less risk. Properties of the mutual fund and the portfolio are discussed. The second section examines a more realistic situation. In particular, we assume that an investor owns shares of a large diversified fund which is not perfectly correlated with the …
A Mean-Lower Partial Moment Analysis Of Hedge Portfolios, Wen-Kuei Chen
A Mean-Lower Partial Moment Analysis Of Hedge Portfolios, Wen-Kuei Chen
Research Reports from the Department of Operations
If the continuous trading assumption is met, then the Black-Scholes (BS) model is appropriate for option valuation. However, in this case, since the market is complete, the claims are redundant and offer no economic benefits. Trading and monitoring costs may prevent the continuous trading assumption from being met. In incomplete markets, shareholders benefit by trading options since they can alter their risk exposures in ways that could not be done without options. On the other hand, portfolio strategies based on meshing options for future periods are likely to be more relevant for individuals and institutions that use options as a …
Optimization Of An Inventory System With A Coupled Computer Simulation And Response Surface Methodology, Hsiao-Chao Yuan
Optimization Of An Inventory System With A Coupled Computer Simulation And Response Surface Methodology, Hsiao-Chao Yuan
Research Reports from the Department of Operations
This thesis develops a coupled simulation/response surface methodology to find an optimum variable (s, S) policy for an inventory control system. The system considered is very general and fits many business scenarios. It allows for probabilistic and seasonal demand, probabilistic lag time and realistic other complexities.
A Corporate R&D Strategic Planning And Budgeting Model, Gregory Richard Madey
A Corporate R&D Strategic Planning And Budgeting Model, Gregory Richard Madey
Research Reports from the Department of Operations
This thesis describes an R&D decision support model that was developed and subsequently tested for use within a division of an aerospace firm. The model is used for R&D project evaluation, selection and budgeting. The model uses multiattribute utility theory to describe the preference structure of the organization's decision makers. Data defining the projects is obtained from the firm's decision support system. Mathematical programming techniques are used to select a portfolio of R&D projects that maximizes the expected utility of the firm. Several multiobjective mathematical programming approaches for maximizing expected utility are formulated and evaluated. These include (1) minimization of …
Applications Of Integer Programming To Radio Frequency Management, Koichi Nishimura
Applications Of Integer Programming To Radio Frequency Management, Koichi Nishimura
Research Reports from the Department of Operations
The management of the radio communication environment has become increasingly complex as communication requirements have evolved. Various types of interference could seriously degrade the performance of a communications network. In a Naval fleet radio communication scenario, a particular type of interference, referred to as intermodulation interference, is important and amenable to mathematical study. In this problem scenario, the primary objective is to find an overall assignment of frequencies to each communication net such that potential intermodulation interference is minimized, while satisfying other communication requirements. In order to determine the potential level of intermodulation interference for each candidate set of frequencies …