A stochastic inventory model

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 01 Jun 1963 English Publisher:Springer Science and Business Media LLCJournal:Unternehmensforschung Operations Research - Recherche Opérationnelle, volume 7, pages 89-94 (issn: 0340-9422, eissn: 1432-5217,

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Authors: H. Hoernke;

doi: 10.1007/bf01920960

A stochastic inventory model

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Abstract

In some cases arising in certain industries or military installations not only the demand for a particular commodity is a stochastic variable but its supply as well. In these cases it is convenient to consider the inventory level resulting from the interaction of supply and demand as a third stochastic variable. The variation of the inventory level in time can then be considered as a stochastic process. If this process is ergodic, the total inventory cost over a certain timeT may be represented as a function of the mean inventory level. This mean level can then be manipulated in such a way as to minimize the total inventory cost.

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