An economical resetting model in continuous review

An economical resetting model in continuous review

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Article ID: iaor1995436
Country: Netherlands
Volume: 35
Start Page Number: 223
End Page Number: 231
Publication Date: Jun 1994
Journal: International Journal of Production Economics
Authors: ,
Abstract:

This paper is concerned with a resetting model, where the states of the underlying dynamic system are to be kept inside a tolerance region around a standard level. Under some assumptions on the dynamic behaviour, the tolerance region and different costs, an expression for expected average cost is derived. The approach is applied to a two-product inventory system, and for a simple class of policies optimal parameters are computed.

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