A new optimal policy for inventory control problem with nonstationary stochastic demand

2008 ◽  
Author(s):  
Jie Yang ◽  
Hongwei Ding ◽  
Wei Wang ◽  
Jin Dong
Keyword(s):  
Control Problem ◽  
Inventory Control ◽  
Optimal Policy ◽  
Stochastic Demand ◽  
Inventory Control Problem

Inventory control problem with freight cost and stochastic demand

2009 ◽  
Vol 37 (6) ◽  
pp. 443-446 ◽  
Author(s):  
Ju-liang Zhang ◽  
Chung-Yee Lee ◽  
Jian Chen
Keyword(s):  
Control Problem ◽  
Inventory Control ◽  
Stochastic Demand ◽  
Inventory Control Problem

Analysis of a discrete semi-Markov model of continuous inventory control with periodic interruptions of consumption

2015 ◽  
Vol 25 (1) ◽  
Author(s):  
Petr V. Shnurkov ◽  
Alexey V. Ivanov
Keyword(s):  
Optimal Control ◽  
Markov Process ◽  
Optimal Control Problem ◽  
Stochastic Model ◽  
Markov Model ◽  
Control Problem ◽  
Extremal Problem ◽  
Inventory Control ◽  
Optimal Policy ◽  
Semi Markov Process

AbstractWe consider a discrete stochastic model of inventory control based on a controlled semi-Markov process. Probabilistic characteristics of the semi-Markov process are found along with characteristics of a stationary cost functional connected with this process. It is proved that an optimal policy of inventory control is a deterministic one. Explicit analitical representation of stationary functional characterising the control quality is obtained. An optimal control problem is reduced to the solution of an extremal problem for a multivariate function.

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