Comparison among Sequential Suboptimal Approaches with Focus on Stochastic Production Planning

Abstract

Within a decision-making hierarchy of production planning process, the majority of problems are dependent on the time component and strongly sensitive to endogenous and exogenous components. These problems can be related to an important class of stochastic optimal control. Difficulties in providing a closed-loop policy for them, lead to search for sub-optimal alternatives. In this paper, four different sub-optimal procedures are investigated in relation to their implementation by dynamic programming algorithm. Based on an aggregated production-planning problem, a case study is considered with the purpose of comparing the different procedures. The best one is used to provide scenarios relating to the future use of material resources of the company. Copyright@2002IFAC

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