STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

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

STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

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

Research output: Contribution to journal › Conference article › peer-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 language	English (US)
Pages (from-to)	1345-1346
Number of pages	2
Journal	Proceedings of the IEEE Conference on Decision and Control
State	Published - 1985
Externally published	Yes

All Science Journal Classification (ASJC) codes

Control and Systems Engineering
Modeling and Simulation
Control and Optimization

Cite this

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title = "STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.",

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.",

author = "Soner, \{H. Mete\} and Fleming, \{Wendell H.\} and Sethi, \{Suresh P.\}",

year = "1985",

language = "English (US)",

pages = "1345--1346",

journal = "Proceedings of the IEEE Conference on Decision and Control",

issn = "0191-2216",

publisher = "Institute of Electrical and Electronics Engineers Inc.",

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TY - JOUR

T1 - STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

AU - Soner, H. Mete

AU - Fleming, Wendell H.

AU - Sethi, Suresh P.

PY - 1985

Y1 - 1985

N2 - 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.

AB - 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.

UR - https://www.scopus.com/pages/publications/0022325522

UR - https://www.scopus.com/pages/publications/0022325522#tab=citedBy

M3 - Conference article

AN - SCOPUS:0022325522

SN - 0191-2216

SP - 1345

EP - 1346

JO - Proceedings of the IEEE Conference on Decision and Control

JF - Proceedings of the IEEE Conference on Decision and Control

ER -

STOCHASTIC PRODUCTION PLANNING PROBLEM WITH RANDOM DEMAND.

Abstract

All Science Journal Classification (ASJC) codes

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