Single-item production-inventory control with shortages and backorders
| Author(s) : | MDS Aliyu KH Al-Ajmi, |
| Publisher : | I E E E |
| Publication Date : | 1998 |
| ISSN : | N/A |
| Abstract : | An inventory model of a single-item production system incorporating deterioration and shortages/backorders is presented. The linear quadratic theory (LQ) is used to develop an optimal policy which minimizes a quadratic cost criterion of production, inventory holding and shortages. The ease of deterministic demand is considered and results of simulations have shown good agreement with the theory developed., |