Decision Criteria and Optimal Inventory Processes
Springer Science & Business Media, Feb 28, 1999 - Business & Economics - 210 pages
Decision Criteria and Optimal Inventory Processes provides a theoretical and practical introduction to decision criteria and inventory processes. Inventory theory is presented by focusing on the analysis and processes underlying decision criteria. Included are many state-of-the-art criterion models as background material. These models are extended to the authors' newly developed fuzzy criterion models which constitute a general framework for the study of stochastic inventory models with special focus on the real world inventory theoretic reservoir operations problems. The applications of fuzzy criterion dynamic programming models are illustrated by reservoir operations including the integrated network of reservoir operation and the open inventory network problems.
An interesting feature of this book is the special attention it pays to the analysis of some theoretical and applied aspects of fuzzy criteria and dynamic fuzzy criterion models, thus opening up a new way of injecting the much-needed type of non-cost, intuitive, and easy-to-use methods into multi-stage inventory processes. This is accomplished by constructing and optimizing the fuzzy criterion models developed for inventory processes.
Practitioners in operations research, management science, and engineering will find numerous new ideas and strategies for modeling real world multi- stage inventory problems, and researchers and applied mathematicians will find this work a stimulating and useful reference.
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assume assumptions Bayesian bounded critical number bounded function Chapter consider constraints continuous function convex combination convex function cost function criterion dynamic programming critical number policy decision maker decision problem decision processes defined demand distributions denotes density function deterministic economic criterion model Esogbue fn(x following theorem function f functional equation fuzzy criterion dynamic fuzzy criterion function fuzzy criterion model fuzzy criterion set Hence induction process initial inventory level inventory cost inventory model inventory problem inventory processes inventory system inventory theory k-convex Lemma LN(x Ln(y maximize membership functions minimax minimizing distribution minimum point mode x multistage objective function optimal control optimal ordering policy optimal ordering quantity optimal solution ordering cost Proof prove puts mass quadratic function regular hypothesis reservoir operations problem respective stages sequence shortage cost stochastic variables strongly unimodal sufficient statistic suppose two-point distribution unimodal function vector volume in storage weighted sum
Page 205 - Inventory," in HE Scarf, DM Gilford, and MW Shelly, eds., Multistage Inventory Models and Techniques. Stanford, Stanford University Press (1963), Chap. 7. 38. Scarf, HE, "Stationary Operating Characteristics of an 1nventory Model with Time Lag,
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