### Abstract

An infinite-horizon stochastic production planning problem is considered with demand assumed to be a continuous-time Markov process. Problems with control (production) and state (inventory) constraints are treated. It is shown that a unique optimal feedback solution exists. This solution is characterized in terms of a turnpike set, which the optimal inventory level approaches monotonically.

Original language | English (US) |
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Pages (from-to) | 1345-1346 |

Number of pages | 2 |

Journal | Proceedings of the IEEE Conference on Decision and Control |

State | Published - Dec 1 1985 |

Externally published | Yes |

### All Science Journal Classification (ASJC) codes

- Control and Systems Engineering
- Modeling and Simulation
- Control and Optimization

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## Cite this

Soner, H. M., Fleming, W. H., & Sethi, S. P. (1985). STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

*Proceedings of the IEEE Conference on Decision and Control*, 1345-1346.