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This title in other formats:Optimal Control Theory: Applications to Management Science and Economicsby Suresh P. Sethi
Synopses & ReviewsPublisher Comments:Optimal control methods are used to determine optimal ways to control a dynamic system. The theoretical work in this field serves as a foundation for the book, which the authors have applied to business management problems developed from their research and classroom instruction.
Sethi and Thompson have provided management science and economics communities with a thoroughly revised edition of their classic text on Optimal Control Theory. The new edition has been completely refined with careful attention to the text and graphic material presentation. Chapters cover a range of topics including finance, production and inventory problems, marketing problems, machine maintenance and replacement, problems of optimal consumption of natural resources, and applications of control theory to economics. The book contains new results that were not available when the first edition was published, as well as an expansion of the material on stochastic optimal control theory. Synopsis:For the first time, the book explains the modelling fundamentals of logistic operating curves of production and inventory processes completely as well as their mathematical deduction and calculation based on production data. Thus, reciprocal interdependencies of logistic objectives namely short throughput time and high schedule reliability on the one hand and low work in process levels and high resource utilisation on the other hand become apparent while possible ways of influencing them are identified. Therefore, logistic operating curves constitute an interesting alternative for simulations in many applications. Clearly structured in basics, tools and numerous practical examples, the book is a valuable guide for the continuous improvement of logistic quality of manufacturing companies, being both theoretically well-founded and practical. Table of ContentsPreface to First Edition.- Preface to Second Edition.- What is Optimal Control Theory?.- The Maximum Principle: Continuous Time.- The Maximum Principle: Mixed Inequality Constraints.- The Maximum Principle: General Inequality Constraints.- Applications to Finance.- Applications to Production and Inventory.- Applications to Marketing.- The Maximum Principle: Discrete Time.- Maintenance and Replacement.- Applications to Natural Resources.- Economic Applications.- Differential Games, Distributed Systems, and Impulse Control.- Stochastic Optimal Control.- Solutions of Linear Differential Equations.- Calculus of Variations and Optimal Control Theory.- An Alternative Derivation of the Maximum Principle.- Special Topics in Optimal Control.- Answers to Selected Exercises.- Bibliography.- Index.- List of Figures.- List of Tables.
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