Stochastic Modeling and Optimization of Manufacturing Systems and Supply Chains

The Editors have taken the occasion of Professor John A. Buzacott's retirement as a motivating event to develop this volume. The objectives of Stochastic Modeling And Optimization Of Manufacturing Systems And Supply Chains is to both honor John Buzacott's achievements and to publish a set of well-written chapters on highly timely topics in the field of manufacturing and supply chain management. The book is organized into two parts. The first part focuses on aspects of manufacturing systems modeling. This part includes chapters on the evolution of manufacturing systems modeling, queuing network models and related software technologies, two-moment approximation for fork/join queues, and asymptotic optimality of a scheduling policy. The second part focuses on production-inventory systems and supply chains. This part includes chapters on a multi-echelon logistics system, optimal control of a substitutable inventory system, structured assemble-to-order systems, the impact of advance demand information on various production-inventory control mechanisms, the quality of demand information as it impacts flexible contracts, the supply of information goods using spot and forward pricing strategies, modeling frameworks that connect material flows with financial information flows. The book examines cutting-edge topics that have been invited and organized by the Editors from leading researchers in the field. Each chapter presentation has been carefully reviewed and crafted by the Editors and contributing authors. The volume is a fitting recognition of John Buzacott's lifetime contributions to this field.