Stochastic Scheduling by the Horizon Method

G. H. Symonds
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G. H. Symonds: Case Institute of Technology

Management Science, 1962, vol. 8, issue 2, 138-167

Abstract: The stochastic scheduling problem discussed in this paper is similar to the classical inventory model. It is concerned with the demand for a single commodity expressed as a set of independent stochastic variables with known distributions and an objective functional composed of production and inventory cost variables. The model, however, incorporates a uniquely determined planning horizon, and in the usual application requires only a finite number of time periods. The horizon period is based upon the minimum expected loss in the operation and therefore is subject to the stochastic variables of demand.

Date: 1962
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