Optimal and simple approximate solutions to a production-inventory system with stochastic and deterministic demand

2020 ◽  
Vol 286 (1) ◽  
pp. 178-189
Author(s):  
Katy S. Azoury ◽  
Julia Miyaoka
Keyword(s):  
Approximate Solutions ◽  
Inventory System ◽  
Deterministic Demand ◽  
Production Inventory ◽  
Production Inventory System

Control of a production-inventory system using a PID controller and demand prediction

2008 ◽  
Vol 41 (2) ◽  
pp. 1869-1874 ◽  
Author(s):  
Santiago Tosetti ◽  
Daniel Patiño ◽  
Flavio Capraro ◽  
Adrian Gambier
Keyword(s):  
Pid Controller ◽  
Inventory System ◽  
Demand Prediction ◽  
Production Inventory ◽  
Production Inventory System

An Imperfect Production Model for Breakable Multi-Item with Dynamic Demand and Learning Effect on Rework over Random Planning Horizon

2021 ◽  
Vol 14 (12) ◽  
pp. 574
Author(s):  
Amalesh Kumar Manna ◽  
Leopoldo Eduardo Cárdenas-Barrón ◽  
Barun Das ◽  
Ali Akbar Shaikh ◽  
Armando Céspedes-Mota ◽  
...  
Keyword(s):  
Learning Effect ◽  
Planning Horizon ◽  
Inventory Model ◽  
Inventory System ◽  
Production Model ◽  
Inventory Models ◽  
Imperfect Production ◽  
Production Inventory ◽  
Random Planning Horizon ◽  
Production Inventory System

In recent times, in the literature of inventory management there exists a notorious interest in production-inventory models focused on imperfect production processes with a deterministic time horizon. Nevertheless, it is well-known that there is a high influence and impact caused by the learning effect on the production-inventory models in the random planning horizon. This research work formulates a mathematical model for a re-workable multi-item production-inventory system, in which the demand of the items depends on the accessible stock and selling revenue. The production-inventory model allows shortages and these are partial backlogged over a random planning horizon. Also, the learning effect on the rework policy, inflation, and the time value of money are considered. The main aim is to determine the optimum production rates that minimize the expected total cost of the multi-item production-inventory system. A numerical example is solved and a detailed sensitivity analysis is conducted in order to study the production-inventory model.

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