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Optimum Production Planning by the Maximum Principle

Author

Listed:
  • C. L. Hwang

    (Kansas State University)

  • L. T. Fan

    (Kansas State University)

  • L. E. Erickson

    (Kansas State University)

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.

Suggested Citation

  • C. L. Hwang & L. T. Fan & L. E. Erickson, 1967. "Optimum Production Planning by the Maximum Principle," Management Science, INFORMS, vol. 13(9), pages 751-755, May.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:9:p:751-755
    DOI: 10.1287/mnsc.13.9.751
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    Cited by:

    1. Molinder, Anders, 1995. "Application of calculus of variations to a continuous time aggregate production model," International Journal of Production Economics, Elsevier, vol. 41(1-3), pages 273-280, October.
    2. Mahmut Parlar, 2023. "Model Development with Maple in PhD-Level Management Science Courses: A Personal Account," SN Operations Research Forum, Springer, vol. 4(1), pages 1-24, March.
    3. Suresh P. Sethi & Sushil Gupta & Vipin K. Agrawal & Vijay K. Agrawal, 2022. "Nobel laureates’ contributions to and impacts on operations management," Production and Operations Management, Production and Operations Management Society, vol. 31(12), pages 4283-4303, December.

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