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An application of process control systems: Adjusting price and production rates to meet corporate profitability and inventory objectives

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Abstract:

This paper presents a method for maintaining corporate profitability and inventory targets in a dynamic business environment by adjusting price and production rates. Maintaining profitability targets is possible during periods of dynamic raw material costs, dynamic product prices, changes in supply due to plant outages or competitor changes, and changes in demand due to natural disasters. Control of inventory levels either to maintain a steady state inventory level or to maximise profits from existing inventory stocks during periods of plant downtime is also possible. This discussion provides an analytical framework showing the forces acting upon a company along with control methods using price.Journal of Revenue and Pricing Management (2006) 5, 174–183. doi:10.1057/palgrave.rpm.5160047

Document Type: Research Article

DOI: http://dx.doi.org/10.1057/palgrave.rpm.5160047

Publication date: October 1, 2006

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