Markov renewal process of a two commodity inventory model

Markov renewal process of a two commodity inventory model

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Article ID: iaor20033072
Country: Taiwan
Volume: 12
Issue: 4
Start Page Number: 61
End Page Number: 72
Publication Date: Oct 2001
Journal: International Journal of Information and Management Science
Authors: ,
Keywords: markov processes
Abstract:

A two-commodity inventory model with zero lead time and without shortages, which operates under (s,S) policies, is investigated. Formulating its inventory level process as a Markov renewal process and applying the filtering procedure due to E. Çinlar, the present analysis is discussed. Explicit expressions are obtained for stationary probabilities of all possible embedded inventory processes and objective cost function. Lastly, optimization problems are illustrated by a graph.

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