====== The Economic Lot Scheduling Problem (ELSP) ======

The// Economic Lot Scheduling Problem //(ELSP) was first described (and named) in 1958 by professor Jack D. Rogers at the University of California, Berkeley, US.([[https://pubsonline.informs.org/doi/10.1287/mnsc.4.3.264|ref.]])

It's an important everyday practical issue for almost any manufacturing company involved in planning what to manufacture, when to manufacture it, and how much to manufacture.

>The SELSP deals with the make-to-stock production of multiple standardized products on a single machine with limited capacity under //random demands//, //possibly random setup times// and //possibly random production times//. The main task of a production manager in this setting is the construction of a production plan for the machine."\\ \\ Source : [[https://www.sciencedirect.com/science/article/abs/pii/S0377221710004170|European Journal of Operational Research, Volume 210, Issue 1, Pages 1-9]]

To date, no exact mathematical formula has been discovered to 'solve' the problem with 100% accuracy in all situations. There are various computational algorithms which can give very usable results - but currently, the only way to obtain an// exact// result is to iterate through every possible combination of possibilities.