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Optimal production and maintenance control under a time variant demand
, Article Scientia Iranica ; Volume 12, Issue 1 , 2005 , Pages 26-33 ; 10263098 (ISSN) ; Sharif University of Technology
Sharif University of Technology
2005
Abstract
In this paper, optimal production and maintenance planning of a flexible manufacturing system under a time variant demand is considered. There is a preventive maintenance plan to reduce the failure rate of the machine. It is assumed that the failure rate of the machine is a function of its age and its maintenance rate. It is, also, assumed that the demand of the manufacturing product is time dependent and its rate depends on the level of the advertisement on that product, The objective is to maximize the expected discounted total profit of the firm over an infinite time horizon. To solve this optimization problem, first, an optimal control is characterized by a set of Hamilton-Jacobi-Bellman...