Analysis of deteriorating inventory/production systems using a linear quadratic regulator

Analysis of deteriorating inventory/production systems using a linear quadratic regulator

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Article ID: iaor19992179
Country: Netherlands
Volume: 106
Issue: 1
Start Page Number: 82
End Page Number: 89
Publication Date: Apr 1998
Journal: European Journal of Operational Research
Authors: ,
Keywords: production
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 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.

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