An Adaptive Production Planning Model for Seasonal Goods.
Abstract
A dynamic stochastic production planning model is developed for a single good that is sold only during a specified season. The problem is formulated as a continuous-time adaptive control problem, and a maximum principle is derived for the optimal solution. Some general properties of the optimal solution are discussed. The results are applied to a problem with quadratic production and inventory costs. Finally, a numerical example of the quadratic-cost problem is solved.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 1974
- Accession Number
- ADA013984
Entities
People
- Esko A. Kervinen
Organizations
- Carnegie Mellon University