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On the equivalence of the control theoretic, differential and difference equation approaches to solving the production and inventory control system design problem

Disney, Stephen Michael, Towill, Denis Royston and Warburton, Roger 2003. On the equivalence of the control theoretic, differential and difference equation approaches to solving the production and inventory control system design problem. Presented at: ICPR 17: 17th International Conference on Production Research, Blacksburg, VA, USA, 3-7 August 2003. Published in: Diesenroth, M. P. ed. ICPR-17: 17th International Conference on Production Research: August 3-7, 2003, Blacksburg, Virginia, USA: electronic proceedings. Blacksburg, Va.: Virginia Tech,

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Abstract

In this paper we conduct an analysis of a production / distribution ordering and inventory algorithm in both continuous and discrete time. The ordering policy we have chosen for our study is a generalized Order-Up-To policy. We show that the management insights gained from both time approaches are very similar. We conclude that for qualitative, practical purposes we may use either domain for analysis. This is particularly true as some questions are often hard to ask in one time domain but may be easier in the other, and although the exact results may differ, their qualitative nature is often similar.

Item Type: Conference or Workshop Item (Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Centre for Advanced Manufacturing Systems At Cardiff (CAMSAC)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HE Transportation and Communications
Uncontrolled Keywords: Discrete and Continuous Time, Production and Inventory Control, Order-Up-To Policy, Stability, Step Response
Publisher: Virginia Tech
ISBN: 9780972125734
Related URLs:
Last Modified: 04 Jun 2017 05:38
URI: http://orca.cf.ac.uk/id/eprint/52531

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