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Issue Title: Special Issues: "Manufacturing Intelligence and Innovation for Digital Manufacturing and Operational Excellence" and "Information Control Problems in Manufacturing - INCOM 2012"
We discuss a tool management model for a flexible machine equipped with a tool magazine, variable cutting speed, and sensors to monitor tool wear, when tool life due to flank wear is stochastic. The objective is to adjust the cutting speed as a function of remaining distance, each time a tool change occurs, in order to minimize the expected processing time (sum of cutting and tool setup time). We address the computational aspects of finding optimal decision rules and we present numerical results suggesting that easily computed decision rules of a simple static model are near-optimal for our dynamic programming model. Dynamic adjustment is assessed with simulation experiments.[PUBLICATION ABSTRACT]