Hidden Markov models for inventory systems with deteriorating items

DOI10.1504/IJMOR.2015.068289MaRDI QIDQ1635438zbMATH OpenFDO

Authors Allen H. Tai

Publication date 6 June 2018

Published in International Journal of Mathematics in Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1504/IJMOR.2015.068289

zbMATH Keywords

deteriorating itemshidden Markov modelinventory systems

Mathematics Subject Classification ID

Applications of Markov chains and discrete-time Markov processes on general state spaces (social mobility, learning theory, industrial processes, etc.) (60J20) Inventory, storage, reservoirs (90B05) Consumer behavior, demand theory (91B42)

Review text

Summary: In this paper, we propose to apply hidden Markov model (HMM) in modelling an inventory system for deteriorating items. Each item in the inventory has certain chance to deteriorate in a fixed period of time. We propose models for both cases of deterministic and stochastic demands. With the information provided by customers, the inventory levels in the system, which are unknown, can be estimated. Numerical examples are provided to demonstrate the effectiveness of the proposed models.

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• A hidden Markov model for an inventory system with perishable items
• Parameter tracking for an inventory model.
• A framework of applying a hidden Markov chain model in analyzing customers' behaviors

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