Three different operations research models for the same (s, S) policy

Three different operations research models for the same (s, S) policy

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Article ID: iaor20013211
Country: United States
Volume: 5
Issue: 1
Start Page Number: 47
End Page Number: 59
Publication Date: Mar 2001
Journal: Journal of Applied Mathematics & Decision Sciences
Authors:
Keywords: programming: dynamic, markov processes
Abstract:

Operations Research techniques are usually presented as distinct models. Difficult as it may often be, achieving linkage between these models could reveal their interdependency and make them easier for the user to understand. In this article three different models, namely Markov Chain, Dynamic Programming, and Markov Sequential Decision Processes, are used to solve an inventory problem based on the periodic review system. We show how the three models converge to the same (s, S) policy and we provide a numerical example to illustrate such a convergence.

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