A dynamic planning technique for continuous activities under multiple resource constraints

Article Abstract:

Dynamic programming is an optimization method of allocating resources to competing activities over a long period of time. A simplex search algorithm is integrated into the recursive calculations of dynamic programming to help reduce computational times and storage requirements. Differentiation is not required in the calculation as a means of optimization, so this technique may have an important impact on long-range planning problems such as multiple resource allocation with nondifferentiable and-or highly nonlinear performance functions.

Decision-making, Models, Decision making, Planning, Algorithms, Optimization theory, Mathematical programming

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Replenishment delays for expensive slow-moving items

Article Abstract:

A continuous review inventory control system that delays the replenishment of expensive items subject to their intermittent, unit-sized demands will minimize holding costs. Delaying the ordering of expensive items by instituting an inventory system characterized by complete backlogging, constant lead times, arbitrary inter-demand distributions, linear carrying costs, and premium cost emergency handling of shortages can be an economical way to achieve holding cost savings without taking on undue risk of shortages.

Factory orders, Inventory control

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