Hello Scholars, I am interested in Economic Lot Scheduling Problems where products are produced in a cyclic pattern. There are some existing modelling approaches, among them extended basic period is more effective than the others. But will someone help me to understand the concept of basic period (which is assumed to be equal for all products) the relationship/ difference between basic period and cycle time for each product?
Cycle time is when you need to put a new order. Equivalently. the time between two replenishments.
The basic period (BP) is a period of time of sufficient long duration to accommodate the production of all economic production lots specified for all products. It is a concept advanced by Bomberger and has the advantage of permitting a dynamic programming model to be constructed to solve the problem of "how much to produce" of each item (the "lot size"), and "how many times" should it be produced in the BP (the individual cycle times). It is assumed that the BP repeats forever (infinite planning horizon).
To gain a deeper insight into the concept, its historical development and its utility (and drawbacks), I suggest reading the papers by Elmaghraby and the references cited therein:
"An Extended Basic Period Approach to the Economic Lot Scheduling Problem (ELSP)," Proceedings, the 4th International Conference on Production Research, Tokyo, Japan, August 27-30, (1977); Proceedings of 4th ICPR.
"The Economic Lot Scheduling Problem (ELSP): Review and Extensions," (1978), Management Sci. 24(6): 587-598.
Try this link - it deals with queuing (it goes back a few years but holds some good thinking - if it relates to your question):
http://web.mit.edu/sgraves/www/papers/Little's%20Law-Published.pdf
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