Stochastic Inventory Model Assignment Help
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Stochastic Inventory Model
The stochastic Inventory Model includes the application of mathematical models in inventory systems and management. Introduced in 1958 by Stanford University Press as studies of the Mathematical Theory of Inventory and Production, this subject has become very popular ever since. With mathematical applications on inventory methods and models, it has become easier for organizations in designing, procuring, transforming, moving, storing, sell, and provide after-sales services for various products. Mathematical models help in predicting an uncertain future so that an organization can prepare well in advance.
Some of the topics covered under the Stochastic Inventory Model include
- Basic Models
- Recursion
- Finite-Horizon Markov Decision Processes
- Characterizing the Optimal Policy
- Finite-Horizon Theory
- Myopic Policies
- Dynamic Inventory Models
- Structured Probability Distributions
- Empirical Bayesian Inventory Models
- Infinite-Horizon Theory
- Bounds and Successive Approximations
- Computational Markov Decision Processes
- Continuous Time Model
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