Some comments on normal approximation for stochastic demand processes

Article Abstract:

A functional normal approximation for stochastic internal demand process is described to address problems in solving multi-echelon inventory systems with a large-scale external demand and an internal demand that is a function of the system's structure, the control policy and the external demand. The approximation, which is applicable to multi-product demand processes, is applied to modified single-product single-location whose demand function is modeled as a Wiener process with drift.

Inventory Control, Research, Models

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Controlled stochastic processes and inventories

Article Abstract:

A continuous review stochastic system controlled by interventions and changes in the parameters is applied to a production-inventory model. The method utilizes a unified approach for covering impulse control and the switching of the control mode. The method solves a coupled control problem under uncertainty where control alters the state and rules of the underlying stochastic process.

Analysis, Inventories

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