Summary
We study the optimal control of a production-inventory system with both backorders and lost sales. We characterize the structure of the optimal policy and provide effective heuristics for managing such systems.
Relevance
This project provides guidelines for managing production-inventory systems to optimize the system performance.
Selected publications
Benjaafar, S., ElHafsi, M., & Huang, T. (n.d.). Optimal control of a production-inventory system with both backorders and lost sales. Naval Research Logistics, 57 (3). [link]
Link to the publication’s UCL Discovery page
Last updated Friday, 25 July 2014