Optimum Plant Design for Seasonal Production

J. R. Coleman, Jr., S. Smidt and R. York
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J. R. Coleman, Jr.: Cornell University
S. Smidt: Cornell University
R. York: Cornell University

Management Science, 1964, vol. 10, issue 4, 778-785

Abstract: A systematic optimization procedure is developed for the design of a plant which is subject to uncertain, seasonal production. Based on a generalized seasonal production model, the present value of the cash flows associated with production by means of a combination of alternates is expressed in terms of the unknown capacities. On the basis of the derived solution, a systematic procedure is presented which yields optimum designs without reference to the involved mathematics. Finally, the more important assumptions are removed and suggestions are given with respect to the modifications that are required in order to extend the method to more complex problems.

Date: 1964
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:10:y:1964:i:4:p:778-785

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