×

zbMATH — the first resource for mathematics

Stochastic inventory theory. (English) Zbl 0736.90026
Stochastic models, Handb. Oper. Res. Manage. Sci. 2, 605-652 (1990).

Show indexed articles as search result.

[For the entire collection see Zbl 0698.00023.]
The present chapter of the handbook deals with stochastic inventory theory. The discussion starts with definitions of the concepts (section 1) and with a presentation of the classical deterministic EOQ model (section 2). A considerable amount of attention is given to the single period newsvendor model, the basic form for the dynamic, multiperiod models (section 3). The next three sections treat variations of the dynamic model. The critical difference in the analyses of these models is the mathematical form (i.e., linear, convex or concave) of the ordering/production cost function. The last section briefly mentions the substantial literature on other stochastic inventory models.
Reviewer: J.Virtanen (Vaasa)

MSC:
90B05 Inventory, storage, reservoirs
60K30 Applications of queueing theory (congestion, allocation, storage, traffic, etc.)