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[2]: 185 Thus, while resource leveling can be considered a constraint in order to adjust with certain resource supply limitation, for example, not to over-work some human resources, resource smoothing can be considered a useful method to solve the problem of a more flexible constraint if time of a deadline is a stronger constraint.
In project management, resource leveling is defined by A Guide to the Project Management Body of Knowledge (PMBOK Guide) as "A technique in which start and finish dates are adjusted based on resource limitation with the goal of balancing demand for resources with the available supply."
Consumption smoothing is an economic concept for the practice of optimizing a person's standard of living through an appropriate balance between savings and consumption over time. An optimal consumption rate should be relatively similar at each stage of a person's life rather than fluctuate wildly.
An early test of the permanent income hypothesis was reported by Robert Hall in 1978, and, assuming rational expectations, finds consumption follows a martingale sequence. [25] Hall & Mishkin (1982) analyze data from 2,000 households and find consumption responds much more strongly to permanent than to transitory movements of income, and ...
Having said that, dynamic analysis reveals that order smoothing can degrade performance in the presence of demand shocks. The opposite bias (i.e., over-reaction to mismatches), on the other hand, degrades the stationary performance but can increase dynamic performance; controlled over-reaction can aid the system reach its new goals quickly.
Production leveling, also known as production smoothing or – by its Japanese original term – heijunka (平準化), [1] is a technique for reducing the mura (unevenness) which in turn reduces muda (waste). It was vital to the development of production efficiency in the Toyota Production System and lean manufacturing. The goal is to produce ...
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...
The filter was popularized in the field of economics in the 1990s by economists Robert J. Hodrick and Nobel Memorial Prize winner Edward C. Prescott, [1] though it was first proposed much earlier by E. T. Whittaker in 1923. [2], see Whittaker-Henderson smoothing. The Hodrick-Prescott filter is a special case of a smoothing spline. [3]
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