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Multi-Item Production and Inventory Management Under Price Uncertainty

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Τίτλος: Multi-Item Production and Inventory Management Under Price Uncertainty
Συγγραφείς: Banerjee, Bani P., Sengupta, S. Sankar, Symonds, Gifford H.
Πηγή: Research Reports from the Department of Operations
Στοιχεία εκδότη: Scholarly Commons @ Case Western Reserve University
Έτος έκδοσης: 2015
Θεματικοί όροι: Operations research, Inventory control--Mathematical models, Production planning--Mathematical models, Stochastic processes, Decision making--Mathematical models, Pricing--Mathematical models, Business mathematics, Business Administration, Management, and Operations
Περιγραφή: A model is presented for the derivation and implementation of optimal linear decision rule for a firm producing and dealing in a number of interacting products, and possessing partial influence on their prices. The behavior of a multi-item production-inventory complex is represented as the dynamics of suitably defined state variables under the influence of decision rules that are stable and linear in the state variables, but otherwise unspecified. The dynamical equations are stochastic owing to the presence of stochastic processes in the forcing terms. The statistical properties of these processes, together with the decision rules, determine the statistics of the outcome or the criterion functional. The optimum inventory decision is then derived as the "best" linear transformation on the past of the state variables such that the mean value of the criterion functional is optimized subject to the system constraints. [Likely published between 1961-1966.]
Τύπος εγγράφου: text
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Διαθεσιμότητα: https://commons.case.edu/wsom-ops-reports/322
https://commons.case.edu/context/wsom-ops-reports/article/1321/viewcontent/.pdf
Rights: This work is in the public domain and may be freely downloaded for personal or academic use
Αριθμός Καταχώρησης: edsbas.B6B1CC96
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  – Url: https://commons.case.edu/wsom-ops-reports/322#
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  Data: Multi-Item Production and Inventory Management Under Price Uncertainty
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  Data: <searchLink fieldCode="AR" term="%22Banerjee%2C+Bani+P%2E%22">Banerjee, Bani P.</searchLink><br /><searchLink fieldCode="AR" term="%22Sengupta%2C+S%2E+Sankar%22">Sengupta, S. Sankar</searchLink><br /><searchLink fieldCode="AR" term="%22Symonds%2C+Gifford+H%2E%22">Symonds, Gifford H.</searchLink>
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  Data: Research Reports from the Department of Operations
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  Data: Scholarly Commons @ Case Western Reserve University
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  Data: 2015
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  Data: <searchLink fieldCode="DE" term="%22Operations+research%22">Operations research</searchLink><br /><searchLink fieldCode="DE" term="%22Inventory+control--Mathematical+models%22">Inventory control--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Production+planning--Mathematical+models%22">Production planning--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Stochastic+processes%22">Stochastic processes</searchLink><br /><searchLink fieldCode="DE" term="%22Decision+making--Mathematical+models%22">Decision making--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Pricing--Mathematical+models%22">Pricing--Mathematical models</searchLink><br /><searchLink fieldCode="DE" term="%22Business+mathematics%22">Business mathematics</searchLink><br /><searchLink fieldCode="DE" term="%22Business+Administration%22">Business Administration</searchLink><br /><searchLink fieldCode="DE" term="%22Management%22">Management</searchLink><br /><searchLink fieldCode="DE" term="%22and+Operations%22">and Operations</searchLink>
– Name: Abstract
  Label: Description
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  Data: A model is presented for the derivation and implementation of optimal linear decision rule for a firm producing and dealing in a number of interacting products, and possessing partial influence on their prices. The behavior of a multi-item production-inventory complex is represented as the dynamics of suitably defined state variables under the influence of decision rules that are stable and linear in the state variables, but otherwise unspecified. The dynamical equations are stochastic owing to the presence of stochastic processes in the forcing terms. The statistical properties of these processes, together with the decision rules, determine the statistics of the outcome or the criterion functional. The optimum inventory decision is then derived as the "best" linear transformation on the past of the state variables such that the mean value of the criterion functional is optimized subject to the system constraints. [Likely published between 1961-1966.]
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  Data: https://commons.case.edu/wsom-ops-reports/322<br />https://commons.case.edu/context/wsom-ops-reports/article/1321/viewcontent/.pdf
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      – SubjectFull: Operations research
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      – SubjectFull: Inventory control--Mathematical models
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      – SubjectFull: Production planning--Mathematical models
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      – TitleFull: Multi-Item Production and Inventory Management Under Price Uncertainty
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