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Optimal Control of a Two-Item Inventory System with Different Types of Item Deterioration
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Ahmad Alshamrani
Published/Copyright:
December 1, 2011
Abstract
The present paper provides a new approach to study the problem of optimal control of a two-item inventory system with different types of deterioration. The total cost, which includes the sum of the holding costs of inventory levels, the holding costs of one item due to the presence of the other and the production costs, is minimized. The optimal solution is obtained based on Pontryagin's principle. The system is modeled by a system of non-linear differential equations and its solution is discussed numerically. It is also used for illustrating the system performance as function of the monetary and non-monetary input parameters.
Keywords.: Two-Item Inventory; Deterioration; Pontryagin Principle; Performance Measure; Discount Rate
Received: 2010-12-06
Published Online: 2011-December
Published in Print: 2011-December
de Gruyter 2011
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Keywords for this article
Two-Item Inventory;
Deterioration;
Pontryagin Principle;
Performance Measure;
Discount Rate
Articles in the same Issue
- A Nonparametric Control Chart for Location Based on Sub-Samples of Size Two
- Availability of a System with Multiple Failure Modes and Imperfect Repairs
- Sampling Methods and Market Surveillance
- Control Charts for Controlling Variability of Non-Normal Processes
- A Class of Weighted Gamma Distributions and its Properties
- Sequential Test for Truncated Distribution under Measurement Error
- Exact Distribution of Argmax (Argmin)
- A Hybrid Economic Group Acceptance Sampling Plan for Exponential Lifetime Distribution
- Chain Sampling Inspection Plans Based on Bayesian Methodology
- Exponentiated Modified Weibull Distribution
- Optimal Control of a Two-Item Inventory System with Different Types of Item Deterioration
- Testing Exponentiality Against NBUL Alternatives Using Positive and Negative Fractional Moments
