A Problem in Optimal Machine Loading

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Abstract
An important managerial problem in manufacturing is to determine the optimum amount and mix of products that can be manufactured from a given set of facilities, such as machine tools. A method is discussed here for handling this problem more effectively in one instance than has been possible. It makes use of several standard procedures, but adapts them and adds others to accommodate the unavoidable difficulty of discreteness in real production situations. The traditional formulation of the economic lot size is shown to be incorrect in the general case and a preferred formulation is presented for the situation studied here. A method of optimizing the amount of in-process inventory to carry in the circumstances of this study also is given.
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