T5

19 Março 2018, 17:00 • António José Lopes Rodrigues

Infinite-horizon inventory management problems: characterization of models, cost components, policies, optimality criteria.

Example: simulation of an infinite-horizon inventory system with a small number of states and evaluation of alternative reordering policies.

Cost analysis of Markov chains: evaluation of the expected average cost (per unit time).

Applications in inventory problems with simple cost functions (with only holding costs) or with complex cost functions (ordering and penalty costs).