Optimality Of S S Policies In Inventory Models With Markovian Demand PDF Download
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| Author | : Suresh Sethi |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Optimality of (s, S) Policies in Inventory Models with Markovian Demand Book in PDF, ePub and Kindle
This paper is concerned with a generalization of classical inventory models (with fixed ordering costs) that exhibit (s, S) policies. In our model, the distribution of demands in successive periods is dependent on a Markov chain. The model includes the case of cyclic or seasonal demand. The model is further extended to incorporate some other realistic features such as no ordering periods and storage and service level constraints. Both finite and infinite horizon nonstationary problems are considered. We show that (s, S) policies are also optimal for the generalized model as well as its extensions.
| Author | : Feng Cheng |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
Download Optimality of State-Dependent (s, S) Policies in Inventory Models with Markov-Modulated Demand and Lost Sales Book in PDF, ePub and Kindle
Markov-modulated processes have been used in stochastic inventory models with setup costs for modeling demand under the influence of uncertain environmental factors, such as fluctuating economic and market conditions. The analyses of these models have been carried out in the literature only under the assumption that unsatisfied demand is fully backlogged. The lost sales situation occurs in many retail establishments such as department stores and supermarkets. We use the analysis of the Markovian demand model with backlogging to analyze the lost sales case; in particular, we establish the optimality of an (s, S)-type policy under fairly general conditions.
| Author | : Dirk Beyer |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 260 |
| Release | : 2009-10-03 |
| Genre | : Business & Economics |
| ISBN | : 0387716041 |
Download Markovian Demand Inventory Models Book in PDF, ePub and Kindle
This text provides a superbly researched insight into Markovian demand inventory models. The result of ten years of research, this work covers all aspects of demand inventory where they are modeled by Markov processes. Inventory management is concerned with matching supply with demand and is a central problem in Operations Management. The central problem is to find the amount to be produced or purchased in order to maximize the total expected profit, or minimize the total expected cost.
| Author | : Dirk Beyer |
| Publisher | : |
| Total Pages | : 19 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download Average Cost Optimality in Inventory Models with Markovian Demands and Lost Sales Book in PDF, ePub and Kindle
This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, convex surplus cost, and lost sales. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a dynamic programming equation and the corresponding verification theorem are established. Finally, the existence of an optimal state-dependent (s; S) policy is proved.
| Author | : Dirk Beyer |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download Average Cost Optimality in Inventory Models with Markovian Demands Book in PDF, ePub and Kindle
This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, and convex surplus cost. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a dynamic programming equation and the corresponding verification theorem are established. Finally, the existence of an optimal state-dependent (s, S) policy is proved.
| Author | : Dirk Beyer |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2009 |
| Genre | : |
| ISBN | : |
Download Average Cost Optimality in Inventory Models with Markovian Demands Book in PDF, ePub and Kindle
This paper is concerned with long-run average cost minimization of a stochastic inventory problem with Markovian demand, fixed ordering cost, and convex surplus cost. The states of the Markov chain represent different possible states of the environment. Using a vanishing discount approach, a dynamic programming equation and the corresponding verification theorem are established. Finally, the existence of an optimal state-dependent (s, S) policy is proved.
| Author | : Dirk Beyer |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Download Inventory Models with Markovian Demands and Cost Functions of Polynomial Growth Book in PDF, ePub and Kindle
This paper studies stochastic inventory problems with unbounded Markovian demands, ordering costs that are lower semicontinuous, and inventory/backlog (or surplus) costs that are lower semicontinuous with polynomial growth. Finite-horizon problems, stationary and nonstationary discounted-cost infinite-horizon problems, and stationary long-run average-cost problems are addressed. Existence of optimal Markov or feedback policies is established. Furthermore, optimality of (s, S)-type policies is proved when, in addition, the ordering cost consists of fixed and proportional cost components and the surplus cost is convex.
| Author | : Karin Möllering |
| Publisher | : Kölner Wissenschaftsverlag |
| Total Pages | : 196 |
| Release | : 2007 |
| Genre | : |
| ISBN | : 3937404341 |
Download Inventory Rationing Book in PDF, ePub and Kindle
| Author | : Mr.Sunil Sharma |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 0 |
| Release | : 2000-11-01 |
| Genre | : Business & Economics |
| ISBN | : 9781451859300 |
Download Optimal Inventory Policies when the Demand Distribution is not Known Book in PDF, ePub and Kindle
This paper analyzes the stochastic inventory control problem when the demand distribution is not known. In contrast to previous Bayesian inventory models, this paper adopts a non-parametric Bayesian approach in which the firm’s prior information is characterized by a Dirichlet process prior. This provides considerable freedom in the specification of prior information about demand and it permits the accommodation of fixed order costs. As information on the demand distribution accumulates, optimal history-dependent (s,S) rules are shown to converge to an (s,S) rule that is optimal when the underlying demand distribution is known.
| Author | : Stanislaw Bylka |
| Publisher | : |
| Total Pages | : 27 |
| Release | : 1979 |
| Genre | : |
| ISBN | : |
Download Optimal Policies for Dynamic Inventory Models with Discrete Stochastic Demands Book in PDF, ePub and Kindle
