Robust inventory-production control problem with stochastic demand

Robust inventory-production control problem with stochastic demand

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Article ID: iaor200164
Country: United Kingdom
Volume: 20
Issue: 1
Start Page Number: 1
End Page Number: 20
Publication Date: Jan 1999
Journal: Optimal Control Applications & Methods
Authors: , ,
Abstract:

This paper deals with the inventory-production control problem where the produced items are supposed to be deteriorating with a rate that depends on the stochastic demand rate. The inventory-production control problem is formulated as a jump linear quadratic control problem. The optimal policy that solves the optimal control problem is obtained in terms of a set of coupled Riccati equations. The guaranteed cost control problem is also investigated.

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