The application of dynamic programming to control wafers inventory problem

2012 ◽  
Vol 6 (8) ◽  
Author(s):  
He-Yau Kang
Keyword(s):  
Dynamic Programming ◽  
Inventory Problem ◽  
Control Wafers

scholarly journals Three different operations research models for the same (s,S) policy

2001 ◽  
Vol 5 (1) ◽  
pp. 47-59
Author(s):  
Omar Ben-Ayed
Keyword(s):  
Dynamic Programming ◽  
Markov Chain ◽  
Operations Research ◽  
Decision Processes ◽  
Periodic Review ◽  
Inventory Problem ◽  
Sequential Decision ◽  
Review System ◽  
Numerical Example ◽  
Chain Dynamic

Operations Research techniques are usually presented as distinct models. Difficult as it may often be, achieving linkage between these models could reveal their interdependency and make them easier for the user to understand. In this article three different models, namely Markov Chain, Dynamic Programming, and Markov Sequential Decision Processes, are used to solve an inventory problem based on the periodic review system. We show how the three models converge to the same (s,S) policy and we provide a numerical example to illustrate such a convergence.

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