Abstract
We consider an inventory-production system where items deteriorate at a constant rate. The objective is to develop an optimal production policy that minimizes the cost associated with inventory and production rate. The inventory problem is first modeled as a linear optimal control problem. Then linear quadratic regulator (LQR) technique is applied to the control problem in order to determine the optimal production policy. Examples are solved for three different demand functions. Sensitivity analysis is then conducted to study the effect of changing the cost parameters on the objective function.
| Original language | English |
|---|---|
| Pages (from-to) | 82-89 |
| Number of pages | 8 |
| Journal | European Journal of Operational Research |
| Volume | 106 |
| Issue number | 1 |
| DOIs | |
| State | Published - 1 Apr 1998 |
Bibliographical note
Funding Information:The authors wish to acknowledge the support provided by King Fahd University of Petroleum and Minerals (KFUPM), Dhahran, Saudi Arabia for conducting this research.
Keywords
- Deteriorating inventory
- Inventory-production system
- Linear quadratic regulator (LQR)
- Optimal control
ASJC Scopus subject areas
- General Computer Science
- Modeling and Simulation
- Management Science and Operations Research
- Information Systems and Management
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