Abstract
In the tool management problem one seeks to tradeoff the cost of tool replacement with the effectiveness of tool operation. Traditionally, this situation has been modeled as a geometric program and more recently as a quardratic geometric program as a deterministic problem. However, since some of the parameters are stochastic, they may impact the cost optimal use of machine tools. In this paper, we explore the effects of uncertainty in tool life and in tool change time on the optimal strategies for cost minimization. The results show that the cost of operation is relatively stable with regard to uncertainty in the above parameters.
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