An Algorithm for Economic Lot Scheduling Problem

Abstract

The Economic Lot Scheduling Problem (ELSP) has been well-researched for over half a century. This paper, by using extended basic period approach, offers a new algorithm which differs from previous algorithms in that every item is of different importance. Such an item, whose daily cost is very high, is considered to be of greater importance and is called “key item”; and such an item, whose total production time per times is long, is considered to be of greater importance and is called “obstacle item”. By making key items’ multipliers to be of good compatibility and loading obstacle items preferentially, new algorithm can offer good solution.