Further extensions and open research problems
In this book we have considered cost-minimizing or profit-maximizing manufacturing systems in which deterministic as well as stochastic events occur at different time scales. In particular, rates at which production machines break down and get repaired are much higher than the rate of discounting costs and may be higher than the rates of changes in demand. For such a system, we have presented theoretical developments devoted to showing that a properly synthesized hierarchy and properly designed hierarchical decision-making procedures can lead to near optimization of its overall objective.
KeywordsManufacturing System Error Bound Asymptotic Optimality Optimal Feedback Control Stochastic Differential Game
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