Optimal stochastic inventory renewal policy of integer units with a demand queue (Q2783482)
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scientific article; zbMATH DE number 1730457
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Optimal stochastic inventory renewal policy of integer units with a demand queue |
scientific article; zbMATH DE number 1730457 |
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21 April 2002
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stochastic inventory
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M/M/1 queues
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Poisson process
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Optimal stochastic inventory renewal policy of integer units with a demand queue (English)
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The author studies a particular stochastic inventory system. The number of stock units is described by a Poisson process with parameter \(\lambda\). The optimal inventory policy is derived for fixed \(h/2\lambda\). \(h\) is the cost of maintaining a unit in the inventory per unit of time and client. It belongs to an interval whose bounds depend on known parameters. An example is worked out with illustrative purposes.
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