Abstract:
In this paper, a new supply strategy for periodic-review inventory systems is developed using strict control-theoretic methodology. In the analyzed setting, the stock use...Show MoreMetadata
Abstract:
In this paper, a new supply strategy for periodic-review inventory systems is developed using strict control-theoretic methodology. In the analyzed setting, the stock used to satisfy the unknown, time-varying demand can be replenished from several supply alternatives, characterized by different lead-time delays. A novel sliding-mode inventory policy is proposed, which guarantees that the demand is always entirely satisfied from the on-hand stock, and the warehouse capacity is not exceeded. As opposed to the classical, stochastic approaches, the parameters of the proposed controller are selected by minimizing a linear-quadratic (LQ) cost functional, which ensures the optimal dynamical performance of inventory systems with disparate lead-time delays.
Published in: 2009 European Control Conference (ECC)
Date of Conference: 23-26 August 2009
Date Added to IEEE Xplore: 02 April 2015
Print ISBN:978-3-9524173-9-3