Accession Number : AD0639720
Title : A MARKOVIAN DECISION MODEL FOR A JOINT REPLACEMENT AND STOCKING PROBLEM.
Descriptive Note : Technical rept.,
Corporate Author : STANFORD UNIV CALIF DEPT OF STATISTICS
Personal Author(s) : Derman,Cyrus ; lieberman,Gerald J.
Report Date : 09 SEP 1966
Pagination or Media Count : 22
Abstract : Two important classes of problems encountered by industry and government are those dealing with replacement policies and ordering policies. These problems are usually treated separately. A particular model which treats the replacement and stocking problems as one is considered in this report. It is formulated as a denumerable state Markovian decision model. It is shown that the optimal decision policy has a particular structure. In attaining the optimal policy, this structure is exploited so that an optimal policy can be obtained in a finite number of steps. (Author)
Descriptors : (*INVENTORY CONTROL, *MATHEMATICAL MODELS), REPLACEMENT THEORY, INVENTORY CONTROL, STATISTICAL ANALYSIS, OPTIMIZATION
Subject Categories : Administration and Management
Distribution Statement : APPROVED FOR PUBLIC RELEASE