Business environments change over time. They are cyclic, show seasonality or just evolve over time. This is certainly true for customer demand. As a result, stationary demand distributions are crude approximations of true customer behavior at best. Yet, most classical stochastic inventory models...

This paper is concernced with hierarchical decisions regarding production and investment in capacity in manufacturing systems with production subject to breakdown and repair. The production capacity can be increased by investing continuously in new capacity which is available upon completion....

This paper presents an asymptotic analysis of a hierarchical manufacturing system with machines subject to breakdown and repair. The rate of change in machine states is much larger than the rate of fluctuation in demand and the rate of discounting of costs, and this gives rise to a limiting...

We consider two control problems on a finite horizon; one stochastic and the other deterministic. In both problems the running cost and the terminal cost are the same. The controllable input in both problems is of an additive nature with cost proportional to the input (which can be both positive...

We address the problem of finding an optimal financing mix of retained earnings and external equity for maximizing the value of a firm subject to random returns. The problem is formulated as a singular stochastic control for a diffusion process, and the value function satisfies a free-boundary...

An asymptotic analysis of a hierarchical manufacturing system with machines subject to breakdown and repair is presented. The machine fluctuations are much faster than the accumulation and discounting of costs, and this gives rise to a limiting problem in which the stochastic machine...

This paper presents an asymptotic analysis of hierarchical investment and production decisions in a manufacturing system with machines subject to breakdown and repair. The demand facing the system is assumed to be a given constant. The production capacity can be increased by purchasing a new...

We consider a problem of controlling the production rate of a single machine, single product, stochastic manufacturing system in order to minimize the total discounted inventory /backlog costs. The demand has two components: one is deterministic with constant rate d and the other is stochastic...

This paper is concerned with the problem of production planning in a flexible manufacturing system consisting of a single or parallel failure-prone machines producing a number of different products. The objective is to choose the rates of production of the various products over time in order to...

This paper is concerned with the problem of production planning in a flexible manufacturing system consisting of a single or parallel failure-prone machines producing a number of different products. The objective is to choose the rates of production of the various products over time in order to...