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    Markovian Demand Inventory Models

    ISBN-10: 0387716033
    ISBN-13: 9780387716039
    Edition: 2010
    Description: Inventory management is concerned with matching supply with demand and a central problem in Operations Management. This text covers all aspects of demand inventory where they are modeled by Markov processes.
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    List Price: $159.00
    Copyright Year: 2010
    Publisher: Springer
    Publication Date: 10/16/2009
    Binding: Hardcover
    Pages: 255
    Size: 6.50" wide x 9.75" long x 0.75" tall
    Weight: 1.232
    Language: English

    Inventory management is concerned with matching supply with demand and a central problem in Operations Management. This text covers all aspects of demand inventory where they are modeled by Markov processes.

    List of Figures
    List of Tables
    Preface
    Notation
    Introduction
    Introduction
    Characteristics of Inventory Systems
    Brief Historical Overview of Inventory Theory
    Examples of Markovian Demand Models
    Contributions
    Plan of the Book
    Discounted Cost Models
    Discounted Cost Models with Backorders
    Introduction
    Review of the Related Literature
    Formulation of the Model
    Dynamic Programming and Optimal Feedback Policy
    Optimality of (s, S)-type Ordering Policies
    Nonstationary Infinite Horizon Problem
    Cyclic Demand Model
    Constrained Models
    Concluding Remarks and Notes
    Discounted Cost Models with Polynomially Growing Surplus Cost
    Introduction
    Formulation of the Model
    Dynamic Programming and Optimal Feedback Policy
    Nonstationary Discounted Infinite Horizon Problem
    Optimality of (s, S)-type Ordering Policies
    Stationary Infinite Horizon Problem
    Concluding Remarks and Notes
    Discounted Cost Models with Lost Sales
    Introduction
    Formulation of the Model
    Optimality of (s,S)-type Ordering Policies
    Extensions
    Numerical Results
    Concluding Remarks and Notes
    Average Cost Models
    Average Cost Models with Backorders
    Introduction
    Formulation of the Model
    Discounted Cost Model Results from Chapter 2
    Limiting Behavior as the Discount Factor Approaches 1
    Vanishing Discount Approach
    Verification Theorem
    Concluding Remarks and Notes
    Average Cost Models with Polynomially Growing Surplus Cost
    Formulation of the Problem
    Behavior of the Discounted Cost Model with Respect to the Discount Factor
    Vanishing Discount Approach
    Verification Theorem
    Concluding Remarks and Notes
    Average Cost Models with Lost Sales
    Introduction
    Formulation of the Model
    Discounted Cost Model Results from Chapter 4
    Limiting Behavior as the Discount Factor Approaches 1
    Vanishing Discount Approach
    Verification Theorem
    Concluding Remarks and Notes
    Miscellaneous
    Models With Demand Influenced By Promotion
    Introduction
    Formulation of the Model
    Assumptions and Preliminaries
    Structural Results
    Extensions
    Numerical Results
    Concluding Remarks and Notes
    Vanishing Discount Approach Vs. Stationary Distribution Approach
    Introduction
    Statement of the Problem
    Review of Iglehart (1963b)
    An Example
    Asymptotic Bounds on the Optimal Cost Function
    Review of the Veinott and Wagner Paper
    Existence of Minimizing Values of s and S
    Stationary Distribution Approach versus Dynamic Programming and Vanishing Discount Approach
    Concluding Remarks and Notes<p>206</p><l>1</l><l>Part V</l>
    Conclusions and Open Research Problems
    Appendices
    Analysis
    Continuous Functions on Metric Spaces
    Convergence of a Sequence of Functions
    The Arzela-Ascoli Theorems
    Linear Operators
    Miscellany
    Probability
    Integrability
    Conditional Expectation
    Renewal Theorem
    Renewal Reward Processes
    Stochastic Dominance
    Markov Chains
    Convex, Quasi-Convex and K-Convex Functions
    PF<sub>2</sub> Density and Quasi-convex Functions
    Convex and K-convex Functions
    References
    Copyright Permissions
    Author Index
    Subject Index

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