Inventory control of by‐products

Richard V. Evans

Naval Research Logistics Quarterly, 1969, vol. 16, issue 1, 85-92

Abstract: The system to be controlled produces n products simultaneously in fixed proportions every time it is activated. Demands for the products in any period are components of an n dimensional vector random variable with known distribution function. Cases of excess demands backlogged and excess demands lost are considered. In the former the notion of k convexity can be generalized to guarantee relatively simple form for the optimal policy in an n decision problem. In the latter, this generalization was not successful although when there is no setup cost, a convexity argument can be used to show that the optimal policy has a simple form.

Date: 1969
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navlog:v:16:y:1969:i:1:p:85-92

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