Optimum Production Planning by the Maximum Principle

C. L. Hwang · Liyuan Fan · Larry E. Erickson

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Supply Chain and Inventory Management Management and Optimization Techniques Optimization and Mathematical Programming

Abstract

This study deals with the problem of optimum production planning with certainty in sales forecasting. The objective to be minimized is the sum of the costs derived from holding inventories, stockouts, and the deviation of the production rate from the optimal rate for the plant. Pontryagin's maximum principle is employed to obtain an optimal production policy.

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2018CONTROL THEORY APPLICATIONS TO OPERATIONS SYSTEMS, SUPPLY CHAIN MANAGEMENT AND INDUSTRY 4.0 NETWORKS 1982Decentralized planning with an interdependent marketing-production system 1986Optimization of production planning problem with continuously distributed time-lags

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