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A point process approach to inventory models

✍ Scribed by Christian Max Møller

Publisher
John Wiley and Sons
Year
2000
Tongue
English
Weight
124 KB
Volume
16
Category
Article
ISSN
1524-1904

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✦ Synopsis

The aim of the present paper is to make use of the modern theory of point processes to study optimal solutions for single-item inventory. Demand for goods is assumed to occur according to a compound Poisson process and production occurs continuously and deterministically between times of demand, such that the inventory evolves according to a Markov process in continuous time. The aim is to propose a way of "nding optimal production schemes by minimizing a certain expected loss over some "nite period. There are holding/production costs depending on the stock level, and random penalty amounts will occur due to excess demand which is assumed backlogged. For simplicity we will not incorporate "xed costs. We give some numerical illustrations.

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