Optimization of production planning problem with continuously distributed time-lags

This paper considers a production and inventory problem in which the utility or potential of an item gradually reduces with the passage of time, such as grain, photographic film and electronic component. The aim of this paper is to determine the production rate of the decaying item in a way that min...

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Bibliographic Details
Published in:International journal of systems science 1986-10, Vol.17 (10), p.1499-1508
Main Authors: CHOI, SUNG-BIN, HWANG, HARK
Format: Article
Language:English
Subjects:
Applied sciences
control theory
Exact sciences and technology
inventory control
Inventory control, production control. Distribution
Operational research and scientific management
Operational research. Management science
optimization
production planning
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Summary:This paper considers a production and inventory problem in which the utility or potential of an item gradually reduces with the passage of time, such as grain, photographic film and electronic component. The aim of this paper is to determine the production rate of the decaying item in a way that minimizes the current value of total cost using optimal control theory. For the model developed, a computational procedure of finding an optimal solution is developed. The steady-state solution and the properties of the optimal solution for the case of constant rate of decay are discussed.
ISSN:0020-7721
1464-5319
DOI:10.1080/00207728608926903