Dynamic product portfolio management with life cycle considerations

Dynamic product portfolio management with life cycle considerations

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Article ID: iaor201530099
Volume: 171
Start Page Number: 71
End Page Number: 83
Publication Date: Jan 2016
Journal: International Journal of Production Economics
Authors: , ,
Keywords: management, programming: markov decision, economics
Abstract:

  • We study the dynamic management of a portfolio of product lines.
  • We propose a Markov Decision Process (MDP) to determine the optimal policy.
  • It includes marketing and product launch decisions, and product life cycle stages.
  • Joint and dynamic management of products significantly increases total profit.
  • It also reduces working capital requirement and smooths the aggregate demand level.

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