Multi-item-multi-plant inventory control of production systems with shortages and backorders

Multi-item-multi-plant inventory control of production systems with shortages and backorders

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Article ID: iaor20011150
Country: United States
Volume: 30
Issue: 5
Start Page Number: 533
End Page Number: 539
Publication Date: May 1999
Journal: International Journal of Systems Science
Authors: ,
Keywords: production
Abstract:

A multi-item model of a production–inventory system incorporating deterioration, shortages and capacity/budget constraints is considered. An optimal control policy for the model is developed using linear quadratic theory for the case of deterministic demands. The problem of controlling large-scale production–inventory facilities is also considered, and the interaction prediction method is used to develop optimal policies. Results of simulations show that using the developed policy, any desired inventory levels can be maintained while minimizing costs and satisfying demand without violating capacity constraints.

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