Optimum Inventory and Product Quality Control with Deterministic and Stochastic Deterioration—An Application of Distributed Parameters Control Systems

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review

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Author(s)

Detail(s)

Original languageEnglish
Pages (from-to)407-412
Journal / PublicationIEEE Transactions on Automatic Control
Volume20
Issue number3
Publication statusPublished - Jun 1975
Externally publishedYes

Abstract

Inventory models with deterministic and stochastic deterioration rates are given. The first model, assuming deterministic deterioration rates, is a hyperbolic equation while the second one assuming a stochastic deterioration rate is reduced to a parabolic equation of the second order. Optimization of these in inventory models when costs are quadratic yields linear feedback replenishment policies. This short paper provides an analytic solution to both problems. The importance of such inventory models is to be found when the demand and value of stored products is also dependent on their quality. Copyright 1975 by The Institute of Electrical and Electronics Engineers, Inc.

Citation Format(s)

Optimum Inventory and Product Quality Control with Deterministic and Stochastic Deterioration—An Application of Distributed Parameters Control Systems. / Bensoussan, Alain; Nissen, Georges; Tapiero, Charles S.

In: IEEE Transactions on Automatic Control, Vol. 20, No. 3, 06.1975, p. 407-412.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalpeer-review