Ebook: Regenerative Inventory Systems: Operating Characteristics and Optimization

This is a renewal-theoretic analysis of a class of single-item (s, S) inventory systems. Included, in a unified exposition, are both con­ tinuous and periodic review systems under fairly general random de­ mand processes. The monograph is complete in the sense that it starts from the derivation of the time dependent and stationary dis­ tributions of basic stochastic processes related to these systems and concludes with the construction and testing of simple, distribution­ free approximations for optimal control policies. However, it is rather incomplete as an account of single-item inventory systems in that it narrowly focuses on systems with full backlogging of unfilled demand and constant lead times, through what has come to be known as stationary analysis. The level is intermediate, and the style is informal. Some prior knowledge of probability theory and inventory control is assumed on the part of the reader. Given these, the monograph is self-contained. Extensive use is made ofrenewal-theoretic concepts and results; these are reviewed in Chapter 2.

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This is a renewal-theoretic analysis of a class of single-item inventory systems; included in a unified exposition are both continuous and periodic review systems. The book starts from the derivation of the time-dependent and stationary distributions of basic stochastic processes related to these systems and concludes with the construction and testing of simple, distribution-free approximations for optimal control policies. Its main focus is on systems with full backlogging of unfilled demand and constant lead times. Extensions to two-shipment order arrivals, ordering delays, and random lead times are also considered. The book is written both for researchers and practitioners. It can also be used as a textbook to support a graduate course in inventory theory. The level is intermediate and the style is informal. Some prior knowledge of probability theory and inventory control is assumed on the part of the reader.

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This is a renewal-theoretic analysis of a class of single-item inventory systems; included in a unified exposition are both continuous and periodic review systems. The book starts from the derivation of the time-dependent and stationary distributions of basic stochastic processes related to these systems and concludes with the construction and testing of simple, distribution-free approximations for optimal control policies. Its main focus is on systems with full backlogging of unfilled demand and constant lead times. Extensions to two-shipment order arrivals, ordering delays, and random lead times are also considered. The book is written both for researchers and practitioners. It can also be used as a textbook to support a graduate course in inventory theory. The level is intermediate and the style is informal. Some prior knowledge of probability theory and inventory control is assumed on the part of the reader.
Content:
Front Matter....Pages i-x
Introduction....Pages 1-21
Renewal Theory Background....Pages 23-53
Operating Characteristics....Pages 55-78
Optimality Conditions....Pages 79-94
Optimal Policies and Approximations....Pages 95-127
Extensions....Pages 129-145
Back Matter....Pages 147-175

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This is a renewal-theoretic analysis of a class of single-item inventory systems; included in a unified exposition are both continuous and periodic review systems. The book starts from the derivation of the time-dependent and stationary distributions of basic stochastic processes related to these systems and concludes with the construction and testing of simple, distribution-free approximations for optimal control policies. Its main focus is on systems with full backlogging of unfilled demand and constant lead times. Extensions to two-shipment order arrivals, ordering delays, and random lead times are also considered. The book is written both for researchers and practitioners. It can also be used as a textbook to support a graduate course in inventory theory. The level is intermediate and the style is informal. Some prior knowledge of probability theory and inventory control is assumed on the part of the reader.
Content:
Front Matter....Pages i-x
Introduction....Pages 1-21
Renewal Theory Background....Pages 23-53
Operating Characteristics....Pages 55-78
Optimality Conditions....Pages 79-94
Optimal Policies and Approximations....Pages 95-127
Extensions....Pages 129-145
Back Matter....Pages 147-175
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