## A Class of Inventory Models |

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### Common terms and phrases

assume average cost calculating the optimal Cn(z)dB convex combination convex functions convex hull cost function cost per period Cx(z delivery lag demand is backlogged demand is lost diagram discounted expected cost discrete probability distribution distribution of demand dynamic programming e-optimal Equations 2.0 equivalent example excess demand exists expected stock-out penalty extreme points finite number found by minimizing functional equation functions f graphical holding cost infinite period initial stock inventory levels inventory problem k+j-n Lagrange multipliers linear programming formulation lost-sales Markov chain method of solution non-decreasing non-randomized solution non-randomized strategies number of values one-period inventory model optimal ordering policy optimal policy optimal solution optimal stationary policy P(x+z penalty function policy is found probability distribution purchase cost randomization is allowed randomized strategies S-game satisfies the functional shortage cost solving specifying strategy of player subject to 1.5 total expected cost variables Vx,n