The economic lot scheduling problem (ELSP) is a problem in operations management and inventory theory that has been studied by many researchers for more than 50 years. The term was first used in 1958 by professor Jack D. Rogers of Berkeley,[1] who extended the economic order quantity model to the case where there are several products to be produced on the same machine, so that one must decide both the lot size for each product and when each lot should be produced. The method illustrated by Jack D. Rogers draws on a 1956 paper from Welch, W. Evert.[2] The ELSP is a mathematical model of a common issue for almost any company or industry: planning what to manufacture, when to manufacture and how much to manufacture.
- ^ Jack D. Rogers: A Computational Approach to the Economic Lot Scheduling Problem, Management Science, Vol. 4, No. 3, April 1958, pp. 264–291
- ^ Welch, W. Evert, A Case of Simple Linear Programming, Management Methods 1956 in Jack D. Rogers: A Computational Approach to the Economic Lot Scheduling Problem, Management Science, Vol. 4, No. 3, April 1958, pp. 264–291