Optimal Control of a Production Inventory System with Generalized Exponential Distributed Deterioration
نویسنده
چکیده
This paper is concerned with the optimal control of a production inventory system with time-varying deteriorating items. It is assumed that the deterioration rate follows the two parameters generalized exponential distribution. The continuous review policy is investigated. The optimality conditions are derived using Pontryagin maximum principle. The optimal total cost, the optimal inventory level, and the optimal production are derived. The sensitivity analysis of the system will be analyzed against the monetary and non-monetary parameters. Extensive numerical simulation study will be presented.
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