Optimum Production Planning by the Maximum Principle
Management SciencePublished 1 May 1967
C. L. Hwang, L. T. Fan, Larry E. Erickson
Citations44
SJR quartileQ1
SJR score5.72
SNIP2.88
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Abstract
This study deals with the problem of optimum production planning with certainty in sales forecasting. The objective to be minimized is the sum of the costs derived from holding inventories, stockouts, and the deviation of the production rate from the optimal rate for the plant. Pontryagin's maximum principle is employed to obtain an optimal production policy.
Keywords
Economics, Econometrics and Finance
Mathematical Theory of Optimal Processes
3,645 Citations2018L. S. Pontryagin