OPTIMUM INVENTORY AND PRODUCT QUALITY CONTROL WITH DETERMINISTIC AND STOCHASTIC DETERIORATION - AN APPLICATION OF DISTRIBUTED PARAMETERS CONTROL SYSTEMS.

Alain Bensoussan, Georges Nissen, Charles Tapiero

Research output: Contribution to journalArticle

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.

Original languageEnglish (US)
Pages (from-to)407-412
Number of pages6
JournalIEEE Transactions on Automatic Control
VolumeAC-20
Issue number3
StatePublished - Jun 1975

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Distributed parameter control systems
Quality control
Deterioration
Feedback
Costs

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Electrical and Electronic Engineering

Cite this

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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.",
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