Optimization in Stock Control Models with Markov Property

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F10%3A47939" target="_blank" >RIV/60460709:41110/10:47939 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Optimization in Stock Control Models with Markov Property
Original language description
The paper describes a special case of stock control models with stochastic character. Common stochastic stock control models assume indeterminate demand for stock. In some situations we could suppose the demand to have Markov proper-ty. This means that current state of demand is dependent on previous state of de-mand. This situation would determine different way of stock resupply and it leads to different approach when setting-up a stock level, which, of course, affects holding costs. As we require total costs to be as low as possible, it is necessary to develop a new strategy suitable for these situations. This paper is to develop proper formulae usable for calculation of stock level and optimal holding costs in case of demand with Markov property. The first part of the paper describes occurrence of such situation in stock control theory. In the second part, the way of computation and real application is described.
Czech name
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Czech description
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Publication year
2010
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Mathematical methods in economics 2010, part I
ISBN
978-80-7394-218-2
ISSN
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e-ISSN
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Number of pages
5
Pages from-to
232-236
Publisher name
University of South Bohemia in České Budějovice, Faculty of Economics
Place of publication
České Budějovice
Event location
České Budějovice
Event date
Sep 8, 2010
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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