Single/ multiple parameter swapping in the context of Sanjay Sharma’s Theory of Exchange

Several finished items are manufactured by the industries. Certain significant parameters in the production scenario are the manufacturing rate, demand rate and the shortage cost if applicable. Single parameter has been swapped for two items in a group in the previous work of the author (Sharma, Eur J Oper Res 186:128–136, 2008) and the potential cost savings have been analyzed. However, the model is less accurate particularly when the manufacturing rate is altered. With the precise modeling approach, the parameters are swapped in the present paper. A discussion is made for the expected cost improvement in certain situations and the work is extended for a simultaneous multiple parameters exchange.

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