Continuous-time production, distribution and financial planning with periodic liquidity balancing

Albrecht, Wolfgang; Steinrücke, Martin

doi:10.1007/s10951-016-0488-7

Cited by 19 publications

(4 citation statements)

References 22 publications

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“…Although some literature has shown that it is necessary to take financial factors into account when formulating production operation models, most researchers don't pay attentions to relative studies. Moreover, considering financial factors, existing papers mostly focus on traditional manufacturing systems and supply chain [32][33][34][35][36]. Few papers conduct the related research focusing on the closed-loop supply chain decisions and manufacturing/remanufacturing decisions.…”

Section: Literature Reviewmentioning

confidence: 99%

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Production Decisions of Manufacturing and Remanufacturing Hybrid System Considering Downward Substitution: A Comprehensive Model Integrating Financial Operations

Wang

Fei

2020

IEEE Access

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Traditional approaches for production decisions of the manufacturing/remanufacturing hybrid system usually focus on physical operations and ignore the corresponding financial aspects. This paper proposes a mixed integer stochastic programming model integrating physical and financial operations based on scenario analysis, which considers the downward substitution between new and remanufactured products and selects financial performance indicator, i.e. economic value added, as the optimal objective function. The prime superiorities of the integrated approach are emphasized through a numerical example, and sensitivity analyses on some critical parameters are conducted. The findings indicate that the integrated approach can not only ensure the stability of hybrid production system, but also significantly improve financial operation efficient and reduce total financial operation cost, and thus eventually brings the manufacturer higher objective value. Furthermore, the advantage of integrated approach in objective optimization is more prominent when manufacturers intend to provide higher service level to customers. Finally, the results proposed in this paper provide applicable suggestions to manufacturers and financial institutions. INDEX TERMS Production decisions, manufacturing /remanufacturing hybrid system, downward substitution, financial operations, economic value added YONGJIAN WANG was born in Henan, China, in 1989. He received the B.S. degree in financial management from Henan Polytechnic University in 2011, the M.S. degree in business management from Nanjing University of Finance & Economics in 2013, and the PhD degree in management science and engineering from Southeast University in 2017. Since 2017, he has been a lecturer in the Business School at Jiangsu Normal University. His research interests are in production and operations management, supply chain management, financial management, and systems simulation modeling and optimization.

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Section: Literature Reviewmentioning

confidence: 99%

“…Equation (34) states that the cash relevant to taxes Ctax is calculated from the difference between the total marginal profit TMP and fixed cost FC considering tax rate TR. Initial positions of financial variables are expressed in Equation (35) in the entire planning horizon, and Equation 36…”

Section: S T J T P J S T P S T P T J T P T T T T S T T T P T Tmentioning

confidence: 99%

Production Decisions of Manufacturing and Remanufacturing Hybrid System Considering Downward Substitution: A Comprehensive Model Integrating Financial Operations

Wang

Fei

2020

IEEE Access

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“…Few studies belong to this category [28,34]. Some studies tackled different variants of the standard production-transportation problem with routing delivery [16,23,25,38,41,62]; some studies focused on developing approaches for its solution [2,5,32,33,43]; and some studies incorporated additional features within the problem, such as multi-objective optimization [31], uncertainty and robustness [17,53], and financial planning [3].…”

Section: Introduction and Literature Reviewmentioning

confidence: 99%

Integrating production scheduling and transportation procurement through combinatorial auctions

Triki

Piya

2020

Networks

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This study uses the winner determination problem (WDP) to integrate auction transportation procurement with decisions related to production scheduling. The basic problem arises when a manufacturer has to clear a combinatorial auction to decide whether to cover transportation needs by using the in‐house fleet or to procure transportation through auction. Thus, the manufacturer should include an additional decision level by integrating the WDP with production scheduling to gain efficiency and achieve savings in the logistics system. To the best of our knowledge, this is the first time production and transportation procurement problems are being solved simultaneously in an integrated manner. The study proposes a mathematical formulation and develops two heuristic approaches for solving the integrated problem. Extensive computational experiments and sensitivity analyses are reported to validate the model, assess the performance of the heuristics, and show the effect of integration on total cost.

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“…Semi-continuous time-production perspectives were discussed in [2,3], including financial planning and capital liquidity issues, all integrated in a single framework. As stressed by the authors, limited access to capital markets by small and medium sized companies (SMEs) requires bank loans to be used to initiate production and distribution, also stressing that the two systems (operations and finance) should be planned together in a short-term multi-day planning horizon, which also requires discrete-time modeling due to financial imbalances during short periods.…”

Section: Introductionmentioning

confidence: 99%

Planning Production and Workforce in a Discrete-Time Financial Model Using Scenarios Modeling

Martins

2020

SN Oper. Res. Forum

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Continuous-time production, distribution and financial planning with periodic liquidity balancing

Cited by 19 publications

References 22 publications

Production Decisions of Manufacturing and Remanufacturing Hybrid System Considering Downward Substitution: A Comprehensive Model Integrating Financial Operations

Production Decisions of Manufacturing and Remanufacturing Hybrid System Considering Downward Substitution: A Comprehensive Model Integrating Financial Operations

Integrating production scheduling and transportation procurement through combinatorial auctions

Planning Production and Workforce in a Discrete-Time Financial Model Using Scenarios Modeling

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