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Keywords:
dynamic multistage; inventory-production system; production stages; infinite horizon; dynamic model; application of dynamic programming; algorithmic computation of optimal solution
dynamic multistage; inventory-production system; production stages; infinite horizon; dynamic model; application of dynamic programming; algorithmic computation of optimal solution
Summary:
This paper deals with the optimization of total setup plus inventory cost of a certain class of the multistage inventory-production systems with the series arranged production stages having generally different production rates, separated by stores from each other. The optimization is made by the choice of lot sizes across an infinite time horizon. The exact cost-optimization algorithm based on the Bellman optimality principle is derived and applied for deriving two lower bounds of the optimal cost of the above class of systems. These lowe bounds improve that derived by Crowston, Wagner and Williams. Two numerical examples are given.
References:
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