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Use of continuous-discrete optimal control in inventory problem

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Abstract

The paper formulates a single item inventory model of perishable goods based on the continuous updating of the inventory as a parameter. The maximum net profit is determined out of the projected profit coming from the price of the additional inventory less the amount of cost incurred for updating the inventory during a given cycle. As the maximization is referred to a parameter, so it relates to an optimal control model. Finally the decay from one cohort to the other takes place in a continuous manner, where as updating at the end of each cohort takes place in a discrete manner. Hence the problem reduces ultimately to the solution of a continuous-discrete optimal control problem.

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Acknowledgement

The author acknowledges the referee for giving proper suggestions in the improvement of the paper

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  1. School of Bioscience and Engineering, Jadavpur University, Jadavpur, Kolkata, 700 032, India

    D. K. Bhattacharya

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  1. D. K. Bhattacharya
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Correspondence to D. K. Bhattacharya.

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Bhattacharya, D.K. Use of continuous-discrete optimal control in inventory problem. OPSEARCH 48, 44–52 (2011). https://doi.org/10.1007/s12597-011-0042-5

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  • DOI: https://doi.org/10.1007/s12597-011-0042-5

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