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- Title
OPTIMUM PRODUCTION PLANNING BY THE MAXIMUM PRINCIPLE.
- Authors
Hwang, C. L.; Fan, L. T.; Erickson, L. E.
- Abstract
This study deals with the problem of optimum production planning with certainty in sales forecasting. The objective to be minimized is the sum of the costs derived from holding inventories, stockouts, and the deviation of the production rate from the optimal rate for the plant. Pontryagin's maximum principle is employed to obtain an optimal production policy.
- Subjects
PRODUCTION planning; SALES forecasting; INVENTORIES; PRODUCTION engineering; MAXIMUM principles (Mathematics); OPTIMAL designs (Statistics); HOLDING cost; INDUSTRIAL costs; PRODUCTION management (Manufacturing); INVENTORY control; MATHEMATICAL models; MANAGEMENT science
- Publication
Management Science, 1967, Vol 13, Issue 9, p751
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.13.9.751