A hidden Markov model for an inventory system with perishable items

DOI10.1155/S1048953397000452MaRDI QIDQ1379926zbMATH OpenOpenAlexFDO

Authors Lakhdar Aggoun, Lakdere Benkherouf, L. Tadj

Publication date 5 March 1998

Published in Journal of Applied Mathematics and Stochastic Analysis (Search for Journal in Brave)

Full work available at URL https://eudml.org/doc/47982

zbMATH Keywords

inventory controlMarkov modelsmeasure chain techniquesperishable items

Mathematics Subject Classification ID

Markov chains (discrete-time Markov processes on discrete state spaces) (60J10) Applications of queueing theory (congestion, allocation, storage, traffic, etc.) (60K30) Inventory, storage, reservoirs (90B05)

Review text

Summary: This paper deals with a parametric multi-period integer-valued inventory model for perishable items. Each item in the stock perishes in a given period of time with some probability. Demands are assumed to be random and the probability that an item perishes is not known with certainty. Expressions for various parameter estimates of the model are established and the problem of finding an optimal replenishment schedule is formulated as an optimal stochastic control problem.

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(12)

• Parameter tracking for an inventory model.
• Optimal adaptive estimators for partially observed numbers of defective items in inventory models
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• Recursive estimation of inventory quality classes using sampling
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• First-order integer-valued autoregressive process with Markov-switching coefficients
• Recent trends in modeling of deteriorating inventory
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