Exact and approximate solution for optimal inventory control of two-stock with reworking and forecasting of demand

Alireza Pooya (), Morteza Pakdaman () and Lotfi Tadj ()
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Alireza Pooya: Ferdowsi University of Mashhad
Morteza Pakdaman: Ferdowsi University of Mashhad
Lotfi Tadj: Fairleigh Dickinson University

Operational Research, 2019, vol. 19, issue 2, No 3, 333-346

Abstract: Abstract The aim of this paper is to describe a new optimal control model for optimal inventory control along with reworking items and forecasting the demand. The proposed model contains two stocks, one for serviceable products and one for returned products. The dynamic of the proposed system includes forecasting the demand and also the production planning. The exact analytical solution of the proposed optimal control model is obtained. Also the ability of neural networks to approximate the exact solution is examined, when the analytical solution maybe difficult to calculate. Numerical simulations are provided to illustrate the treatment of proposed model.

Keywords: Inventory systems; Production planning; Forecasting; Optimal control; Pontryagin maximum principle; Neural networks; 49J15; 90B30 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s12351-017-0297-6

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