Optimal control in deterministic inventory models
By: by Alan W. McMasters
Contributors: Naval Postgraduate School (U.S.)
Publisher: Naval Postgraduate School
Published: 1970
Place of publication: Monterey, California
Language: eng
Number of pages: 36
Subjects: Control theory; Mathematical models; Inventory control
Description: The use of Pontryagin's Maximum Principle in analyses of deterministic inventory models requires less restrictive assumptions about the nature of order policies than can be allowed when only the differential calculus is used. Two analyses are presented to illustrate this fact. The first involves a periodic review model with no shortages allowed. The production and holding cost functions were kept as general as possible. The second analysis involves a periodic review model with shortages allowed and linear production and inventory costs. As would be expected, the optimal order policies obtained are more general than those obtained in the past. (Author)
Notes: Title from cover.

"23 March 1970"--Cover.

"NPS-55MG0031A"--Cover.

DTIC Identifiers: Maximum principle.

Author(s) key words: Inventory control, inventory models, replenishment, automatic control, optimization.

Includes bibliographical references (p. 29)

"Approved for public release; distribution unlimited"--Cover.

Technical report; 1970.