This fully revised 3rd edition offers an introduction to optimal control theory and its diverse applications in management and economics. It brings to students the concept of the maximum principle in continuous and discrete time by using dynamic programming and Kuhn-Tucker theory. While some...

I INTRODUCTION -- II DISCOUNTED COST MODELS -- Discounted Cost Models with Backorders -- Discount Cost Models with Polynomially Growing Surplus Cost -- Discounted Cost Models with Lost Sales -- III AVERAGE COST MODELS -- Average Cost Models with Backorders -- Average Cost Models with...

This book develops a modeling framework to analyze the problem of inventory management with alternative delivery times. The general context considered here is that a seller replenishes its inventory in fixed intervals and, between replenishments, allocates the limited inventory to satisfy...