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Assemble-to-order System
In applied probability, an assemble-to-order system is a model of a warehouse operating a build to order policy where products are assembled from components only once an order has been made. The time to assemble a product from components is negligible, but the time to create components is significant (for example, they must be ordered from a supplier). Research typically focuses on finding good policies for inventory levels and on the impact of different configurations (such as having more shared parts). The special case of only one product is an assembly system, the case of just once component is a distribution system. Model definition Single period model This case is a generalisation of the newsvendor model (which has only one component and one product). The problem involves three stages and we give one formation of the problem below # components acquired # demand realized # components allocated, products produced We use the following notation In the final stage when demand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Applied Probability
Applied probability is the application of probability theory to statistical problems and other scientific and engineering domains. Scope Much research involving probability is done under the auspices of applied probability. However, while such research is motivated (to some degree) by applied problems, it is usually the mathematical aspects of the problems that are of most interest to researchers (as is typical of applied mathematics in general). Applied probabilists are particularly concerned with the application of stochastic processes, and probability more generally, to the natural, applied and social sciences, including biology, physics (including astronomy), chemistry, medicine, computer science and information technology, and economics. Another area of interest is in engineering: particularly in areas of uncertainty, risk management, probabilistic design, and Quality assurance. See also *Areas of application: **Ruin theory **Statistical physics **Stoichiometry and modelli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Build To Order
Build to Order (BTO: sometimes referred to as Make to Order or Made to Order (MTO)) is a production approach where products are not built until a confirmed order for products is received. Thus, the end consumer determines the time and number of produced products.Leanmanufacture (2019)“Build to order - Inventory Management Model” Retrieved June 08, 2019. The ordered product is customized, meeting the design requirements of an individual, organization or business. Such production orders can be generated manually, or through inventory/production management programs. BTO is the oldest style of order fulfillment and is the most appropriate approach used for ''highly customized'' or ''low volume'' products. Industries with expensive inventory use this production approach. Moreover, "Made to order" products are common in the food service industry, such as at restaurants. BTO can be considered a Just in Time (JIT) production system, as components or products are only delivered just ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Newsvendor Model
The newsvendor (or newsboy or single-periodWilliam J. Stevenson, Operations Management. 10th edition, 2009; page 581 or salvageable) model is a mathematical model in operations management and applied economics used to determine optimal inventory levels. It is (typically) characterized by fixed prices and uncertain demand for a perishable product. If the inventory level is q, each unit of demand above q is lost in potential sales. This model is also known as the ''newsvendor problem'' or ''newsboy problem'' by analogy with the situation faced by a newspaper vendor who must decide how many copies of the day's paper to stock in the face of uncertain demand and knowing that unsold copies will be worthless at the end of the day. History The mathematical problem appears to date from 1888 where Edgeworth used the central limit theorem to determine the optimal cash reserves to satisfy random withdrawals from depositors. According to Chen, Cheng, Choi and Wang (2016), the term "newsb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poisson Process
In probability, statistics and related fields, a Poisson point process is a type of random mathematical object that consists of points randomly located on a mathematical space with the essential feature that the points occur independently of one another. The Poisson point process is often called simply the Poisson process, but it is also called a Poisson random measure, Poisson random point field or Poisson point field. This point process has convenient mathematical properties, which has led to its being frequently defined in Euclidean space and used as a mathematical model for seemingly random processes in numerous disciplines such as astronomy,G. J. Babu and E. D. Feigelson. Spatial point processes in astronomy. ''Journal of statistical planning and inference'', 50(3):311–326, 1996. biology,H. G. Othmer, S. R. Dunbar, and W. Alt. Models of dispersal in biological systems. ''Journal of mathematical biology'', 26(3):263–298, 1988. ecology,H. Thompson. Spatial point processes, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent And Identically Distributed
In probability theory and statistics, a collection of random variables is independent and identically distributed if each random variable has the same probability distribution as the others and all are mutually independent. This property is usually abbreviated as ''i.i.d.'', ''iid'', or ''IID''. IID was first defined in statistics and finds application in different fields such as data mining and signal processing. Introduction In statistics, we commonly deal with random samples. A random sample can be thought of as a set of objects that are chosen randomly. Or, more formally, it’s “a sequence of independent, identically distributed (IID) random variables”. In other words, the terms ''random sample'' and ''IID'' are basically one and the same. In statistics, we usually say “random sample,” but in probability it’s more common to say “IID.” * Identically Distributed means that there are no overall trends–the distribution doesn’t fluctuate and all items in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Research (journal)
''Operations Research'' is a bimonthly peer-reviewed academic journal covering operations research that is published by the Institute for Operations Research and the Management Sciences. It was established in 1952 as the ''Journal of the Operations Research Society of America'' and obtained its current name in 1955. The editor-in-chief iJohn Birge(University of Chicago). Abstracting and indexing The journal is abstracted and indexed by ''Mathematical Reviews'', MathSciNet, Science Citation Index Expanded, Scopus, Social Sciences Citation Index, and ''Zentralblatt MATH''. According to the ''Journal Citation Reports'', the journal has a 2018 impact factor The impact factor (IF) or journal impact factor (JIF) of an academic journal is a scientometric index calculated by Clarivate that reflects the yearly mean number of citations of articles published in the last two years in a given journal, as i ... of 2.604. References External links * Mathematics journals Publications est ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
