Article ID: | iaor19971208 |
Country: | Netherlands |
Volume: | 45 |
Issue: | 1/3 |
Start Page Number: | 397 |
End Page Number: | 406 |
Publication Date: | Aug 1996 |
Journal: | International Journal of Production Economics |
Authors: | Grubbstrm Robert W., Wikner Joakim |
Keywords: | control processes, inventory: order policies |
In this article the authors model standard inventory ordering rules in terms of control systems theory. A differential equation is designed describing the development of a system in which an input signal reaching a predefined level triggers an output. The reorder point of inventory control systems may be interpreted as such a level triggering a replenishment. Systems using this kind of control are frequent in a variety of applications. Apart from inventory, domestic heat and pressure control are but two examples.