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Oladejo, N.K., Agana, F. and Ogunlaran, O.M. (2024) Optimizing Production and Inventory Model for Time Varying Demand Rate Using Stochastic Control Technique. Far East Journal of Applied Mathematics, 117, 115-132.
https://doi.org/10.17654/0972096024006

has been cited by the following article:

• TITLE: Application of Stochastic Control Technique in Production and Inventory Model for a Fixed or Constant Demand Rate

  AUTHORS: Nathaniel Kayode Oladejo

  KEYWORDS: Optimal, Stochastic, Control, Production, Inventory, Technique

  JOURNAL NAME: Open Journal of Optimization, Vol.14 No.2, June 13, 2025

  ABSTRACT: This paper deal with the application of stochastic optimal control technique in production and inventory model for a fixed or constant demand rate where the stochastic differential equations are considered as ordinary differential equations driven by white noise justified by the connection of the Ito’s integral and white noise in the case of non-random integrands interpreted as cost functional. Numerical evaluation of such optimal stochastic control theory in production and inventory model of fixed or constant demand rates with its sensitivity effects were illustrated.