STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

H. Mete Soner, Wendell H. Fleming, Suresh P. Sethi

Research output: Contribution to journalConference articlepeer-review

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 languageEnglish (US)
Pages (from-to)1345-1346
Number of pages2
JournalProceedings of the IEEE Conference on Decision and Control
StatePublished - Dec 1 1985
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Control and Systems Engineering
  • Modeling and Simulation
  • Control and Optimization

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