HEC Research Papers Series,
HEC Paris

Abstract: The production control, via hedging point policies, of a single part type manufacturing system with stochastic capacity and demand is discussed. In the present paper, several feasible operational modes may correspond to equal hedging points. For such generalized hedging point policies, we establish specific boundary conditions around the hedging points, which permit to compute the stationary probability density function for the hybrid state of the system.

Keywords: Flow control in failure prone manufacturing systems; generalized hedging point policy; stationary probability density functions; boundary conditions

JEL-codes: D24; M11

12 pages, August 4, 1999

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