This note points out that three of the facilities layout problems solved by Picone and Wilhelm (Picone, C. J., W. E. Wilhelm. 1984. A perturbation scheme to improve Hillier's solution to the facilities layout problem. Management Sci. 30 1238--1249.) are different from the test problems given in...

Production scheduling problem of style good manufacturer involves seasonal stochastic demands for their goods and limited production capacities. As a result, some production must take place before the selling season starts. The problem can be cast as a stochastic optimal control problem over...

A number of real world processes can be modelled as exponential decay processes. Examples are: machine replacement, oil well extraction, advertising goodwill, repair and cleaning activities, etc.. In this paper we analyze a series of discounted or undiscounted, deterministic or stochastic...

In this paper, we have solved a general inventory model with simultaneous price and production decisions. Both linear and non-linear (strictly convex) production cost cases are treated. Upper and lower bounds are imposed on state as well as control variables. The problem is solved by using the...

What is Optimal Control Theory? -- The Maximum Principle: Continuous Time -- The Maximum Principle: Mixed Inequality Constraints -- The Maximum Principle: General Inequality Constraints -- Applications to Finance -- Applications to Production and Inventory -- Applications to Marketing -- The...