OPTIMALITY AND COMPUTATION OF THE STATIONARY (s,S) INVENTORY CONTROL PROBLEM.

Abstract

The single product periodic review inventory control problem operating under the (s,S) policy with the demand described by a continuous random variable, is analyzed as a Markov decision process. Necessary and sufficient conditions for the existence of an optimal stationary (s,S) policy are derived. Methods to determine the optimum values of s and Q = S-s using essentially Laplace transform expressions involving the conditional expected cost per period are analyzed. The existence problem associated with an (s-S) inventory policy is also discussed. (Author)

Document Details

Document Type
Technical Report
Publication Date
May 01, 1968
Accession Number
AD0682003

Entities

People

  • B. D. Sivazlian

Organizations

  • University of Florida

Tags

Communities of Interest

  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Computations
  • Inventory
  • Inventory Control
  • Random Variables
  • Stationary

Readers

  • Logistics and Supply Chain Management.
  • Operations Research
  • Statistical inference.