Two Papers on Adaptive Inventory Control

Abstract

Two papers on adaptive inventory control are presented. The first uses process control techniques to obtain an optimal policy for an inventory problem in which orders are placed at the start of each of an infinite number of intervals. The cost of ordering is C and is balanced against a cost proportional to the square of the on-hand inventory (or shortage). Delivery lead time is T units. The second paper considers a similar multiperiod problem in which there is a holding cost and shortage cost. The inventory procedure is adaptive in that Bayesian procedures are used with the accumulated demand data to estimate the unknown parameters of the demand distribution.

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Document Details

Document Type
Technical Report
Publication Date
Jan 01, 1968
Accession Number
AD0666574

Entities

People

  • Robert Glier

Tags

Communities of Interest

  • C4I

DTIC Thesaurus Topics

  • Abstracts
  • Bayesian Networks
  • Classification
  • Contracts
  • Intervals
  • Inventory
  • Inventory Control
  • Lead Time
  • Military Research
  • Normal Distribution
  • Probability
  • Probability Distributions
  • Random Variables
  • Security
  • Spare Parts
  • Stochastic Processes
  • United States

Fields of Study

  • Mathematics

Readers

  • Adaptive Control and Estimation with Uncertainty in Dynamic Systems.
  • Logistics and Supply Chain Management.
  • Operations Research

Technology Areas

  • AI & ML
  • AI & ML - Bayesian Inference
  • AI & ML - Machine Learning Algorithms