Accession Number : AD0679585

Title :   A DYNAMIC MODEL OF THE FIRM -- ESTIMATED AND APPLIED,

Corporate Author : GEORGE WASHINGTON UNIV WASHINGTON D C LOGISTICS RESEARCH PROJECT

Personal Author(s) : Walker,David A.

Report Date : 01 JUL 1968

Pagination or Media Count : 149

Abstract : A dynamic model for a multi-product, multi-purpose, multi-input firm is constructed and estimated. Two single equation regression techniques are applied in the estimation process; they are simple least squares and restricted least squares. Learning functions for the level of material purchases and changes in production are a major feature of the model; the independent variables in these functions are the levels, changes, and cumulative amounts of input and output inventories, respectively. Two simple optimization problems are solved to indicate the role that the estimated model may play in decision making within the firm. These applications are consummated to show that the model could be utilized to order alternative production and inventory policies. (Author)

Descriptors :   (*MANAGEMENT PLANNING AND CONTROL, *ECONOMICS), (*PRODUCTION CONTROL, MANAGEMENT PLANNING AND CONTROL), (*INVENTORY CONTROL, MANAGEMENT PLANNING AND CONTROL), MATHEMATICAL MODELS, MATHEMATICAL PROGRAMMING, STOCHASTIC PROCESSES, DECISION MAKING, PROBLEM SOLVING, OPTIMIZATION, COSTS, THESES

Subject Categories : Administration and Management
      Economics and Cost Analysis
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE