Title :
Inventory policy of N-period stochastic inventory model
Author_Institution :
Coll. of Math., Shandong Univ., Jinan, China
Abstract :
By using the method of finding solutions of inverted sequence of the continuous stochastic dynamic programming, we set up the stochastic inventory model for multi- periods with fixed order cost and nonlinear shortage and storage cost and the supreme policy (si,Si). A proof of this method and its practical example for the model are given.
Keywords :
costing; dynamic programming; inventory management; stochastic programming; N-period stochastic inventory model; continuous stochastic dynamic programming; fixed order cost; inventory policy; nonlinear shortage; storage cost; supreme policy; Convex functions; Dynamic programming; Educational institutions; Equations; Mathematical model; Stochastic processes; Tin; convex function; density; stock management; strategy;
Conference_Titel :
Emergency Management and Management Sciences (ICEMMS), 2011 2nd IEEE International Conference on
Conference_Location :
Beijing
Print_ISBN :
978-1-4244-9665-5
DOI :
10.1109/ICEMMS.2011.6015691
