Due to the increasing role of stochastic processes and its wide applications in sciences, engineering, business management, military and space technology, this paper focused on the numerical evaluation of an optimal stochastic control theory in production and inventory model of a general time demand rates and examined its sensitivity effects.

optimal, stochastic, control, production, inventory.

Received: March 1, 2024; Revised: April 10, 2024; Accepted: June 4, 2024; Published: July 4, 2024

How to cite this article: Nathaniel K. Oladejo, Francis Agana and O. M. Ogunlaran, Optimizing production and inventory model for time varying demand rate using stochastic control technique, Far East Journal of Applied Mathematics 117(2) (2024), 115-132. http://dx.doi.org/10.17654/0972096024006

This Open Access Article is Licensed under Creative Commons Attribution 4.0 International License

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