Title: Recent advances on Markovian models for inventory research

Authors: Allen H. Tai; Wai-Ki Ching

Addresses: Department of Applied Mathematics, The Hong Kong Polytechnic University, Hung Hom, Hong Kong ' Advanced Modeling and Applied Computing Laboratory, Department of Mathematics, The University of Hong Kong, Pokfulam Road, Hong Kong

Abstract: Markovian models have a wide range of applications in management science. One of the major applications is in modelling inventory systems. This paper presents a review of the recent advances on Markovian models for inventory research since the early 2000s. Markovian models for some important factors in inventory management, such as demand and supply processes, are discussed in the paper. Finally, directions for future research are provided.

Keywords: Markovian models; stochastic modelling; inventory modelling; Markov chain; Markov decision process; MDP; inventory management; inventory research; review.

DOI: 10.1504/IJIR.2016.081882

International Journal of Inventory Research, 2016 Vol.3 No.3, pp.198 - 216

Received: 29 Mar 2016
Accepted: 05 Apr 2016
Published online: 30 Jan 2017 *

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