A Good Solution Instead of an Optimal One

J. P. Hernandez and J. M. Proth
Additional contact information
J. P. Hernandez: European Institute for Advanced Studies in Management, Place Stéphanie 20, B-1050 Brussels
J. M. Proth: European Institute for Advanced Studies in Management, Place Stéphanie 20, B-1050 Brussels

Interfaces, 1982, vol. 12, issue 2, 37-42

Abstract: The objective of the present work, which was sponsored by the French Ministèrs de l'Industrie, is to save “vulnerable” metals, i.e., those for which supply is uncertain and/or those that have to be imported. The production of alloys at the lowest price from a number of stocks of scrap alloys of various composition and from unalloyed metals has been achieved through the use of a new algorithm built into a computer program. The method differs from the usual linear programming and avoids the shortcomings of the well-known algorithms. Results are given showing the profits foundries can achieve when using this algorithm. Finally, some practical aspects of the introduction of this software in a foundry are presented, with unexpected consequences on the replacement of used-up stocks.

Keywords: industries:; mining/metals (search for similar items in EconPapers)
Date: 1982
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://dx.doi.org/10.1287/inte.12.2.37 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inm:orinte:v:12:y:1982:i:2:p:37-42

Access Statistics for this article

More articles in Interfaces from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().