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Linear-Quadratic Optimal Control of Periodic-Review Perishable Inventory Systems

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PROJECT TITLE :

Linear-Quadratic Optimal Control of Periodic-Review Perishable Inventory Systems

ABSTRACT :

During this temporary, the problem of inventory control in systems with perishable goods is addressed from the control-theoretic perspective. In the analyzed setting, the deteriorating stock used to satisfy unknown, time-varying demand is replenished with delay from a foreign supply supply. So as to eliminate the threat of the bullwhip effect (amplified demand variations translated to the ordering signal), we tend to propose to use the advantages of linear-quadratic optimal control. In distinction to the earlier approaches to inventory management of perishable product, mainly based mostly on heuristics and static optimization, we tend to apply formal methodology of discrete-time dynamical optimization, and solve the optimal control problem analytically. This permits us to formulate and strictly prove a number of advantageous properties of the designed controller, e.g., we have a tendency to demonstrate that it ensures full demand satisfaction within the system with arbitrary delay and any bounded demand pattern with unknown statistics. The proposed controller outperforms the classical order-up-to policy in terms of upper service level, smaller holding prices, and smaller order-to-demand variance ratio.


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Linear-Quadratic Optimal Control of Periodic-Review Perishable Inventory Systems - 4.5 out of 5 based on 2 votes

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