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Article: Capacity planning with demand uncertainty.
- Article from:
- Engineering Economist
- Article date:
- September 22, 1997
- Author:
CopyrightCOPYRIGHT 1997 Institute of Industrial Engineers, Inc. (IIE). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTRODUCTION
Organizations typically make long-term cost commitments to acquire certain resources because it is more economical to do so than to acquire them on an as-needed basis.(1) Such capacity resources (e.g., machinery, buildings, support department staffing) typically account for 30% to 60% of the total costs in manufacturing organizations (Miller and Vollman [15]; Banker, Potter and Schroder [4]), and 70% to 80% of the total costs in service organizations. The magnitude of these capacity costs underscores the economic importance of the initial capacity planning decision, i.e., how much capacity to install for capacity resources.(2)
Uncertainty in ...
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