Optimal stochastic inventory renewal policy of integer units with a demand queue

MaRDI QIDQ2783482zbMATH OpenFDO

Authors J. M. Egusquiza-Arrizabalaga

Publication date 21 April 2002

Published in Revista Investigación Operacional (Search for Journal in Brave)

zbMATH Keywords

M/M/1 queuesPoisson processstochastic inventory

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05) Stochastic network models in operations research (90B15) Queues and service in operations research (90B22)

Review text

The author studies a particular stochastic inventory system. The number of stock units is described by a Poisson process with parameter \(\lambda\). The optimal inventory policy is derived for fixed \(h/2\lambda\). \(h\) is the cost of maintaining a unit in the inventory per unit of time and client. It belongs to an interval whose bounds depend on known parameters. An example is worked out with illustrative purposes.

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Cited in

(1)

• On a queueing inventory problem with necessary and optional inventories

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