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Paper Title: Multi-Objective Stochastic Programming with a Joint Probability Constraint approach for Production Planning Problems: A Model for SMEs
Authors Name: K Suresh , Dr. S NarayanaRao
Unique Id: IJSDR1612011
Published In: Volume 1 Issue 12, December-2016
Abstract: In India, 95% of enterprises are small and medium enterprises (SMEs), and they play a major role in generating employment and contribute significantly to the export of the country. In recent years, SMEs are finding themselves in an intensely competitive environment and as a result the growth of these enterprises has slowed down considerably. Large and unpredicted variations in supply and demand fluctuations are the critical factors for the SME which leading to increase in manufacturing cost. In this context, literature has suggested that implementation of appropriate production planning approaches would be beneficial to the SMEs as this would help them to overcome the constraints of infrastructural resources. In this paper an attempt is made to develop a methodology to find optimal solutions under supply and demand variations environment. A statistical model has been developed using chance constrained programming technique and a deterministic model based on the stochastic model has been made. To solve the multi-objective deterministic problem obtained, we use only one objective at a time and ignoring the others.
Keywords: Small and medium Manufacturing Enterprises, Production Planning. Multi-Objective Stochastic Programming
Cite Article: "Multi-Objective Stochastic Programming with a Joint Probability Constraint approach for Production Planning Problems: A Model for SMEs ", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.1, Issue 12, page no.53 - 58, December-2016, Available :http://www.ijsdr.org/papers/IJSDR1612011.pdf
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Publication Details: Published Paper ID: IJSDR1612011
Registration ID:160960
Published In: Volume 1 Issue 12, December-2016
DOI (Digital Object Identifier):
Page No: 53 - 58
Publisher: IJSDR | www.ijsdr.org
ISSN Number: 2455-2631

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