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A DYNAMIC OPTIMIZATION MODEL FOR PLANNING IN A MULTI‐PRODUCT ENVIRONMENT
Author(s) -
Ricketts Donald E.,
Zimmer Robert K.
Publication year - 1975
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1975.tb01020.x
Subject(s) - mathematical optimization , computer science , extension (predicate logic) , product (mathematics) , linear programming , product mix , function (biology) , operations research , industrial engineering , mathematics , engineering , geometry , evolutionary biology , biology , programming language
This paper describes an extension of the product mix problem and explicitly considers situations where demand can fluctuate over time. The additional decision variables and constraints that must be considered are described, and a revised objective function is discussed. The solution to the proposed linear programming formulation is compared to the traditional simulation and illustrates the potential for increased profits.