Springer Markovian Demand Inventory Models: 108 (International Series in Operations Research & Management Science, 108)

Product Description With a particular focus on inventory models where these world events are modeled by Markov processes, the authors present their research on Markovian demand inventory models, which was carried out over a period of ten years beginning in the early nineties. Review From the reviews:“In this book, the authors present a complete, rigorous mathematical treatment of the classical dynamic inventory models with stochastic demands. … This book is an elegant and comprehensive account of Markovian demand inventory models. It will be useful for students, researchers and practitioners in operations management and industrial engineering.” (P. R. Parthasarathy, Mathematical Reviews, Issue 2012 g) From the Back Cover "This book contains the most complete, rigorous mathematical treatment of the classical dynamic inventory model with stochastics demands that I am aware of. Emphasis is placed on a demand structure governed by a discrete time Markov chain. The state of the Markov chain determines the demand distribution for the period in question. Under this more general demand structure, (s,S) ordering policies are still shown to be optimal. The mathematical level is advanced and the book would be most appropriate for a specialized course at the Ph.D. level." Donald L. IglehartProfessor Emeritus of Operations Research, Stanford University "This book provides a comprehensive mathematical presentation of (s,S) inventory models and affords readers thorough coverage of the analytic tools used to establish theoretical results. Markovian demand models are central in the extensive scientific literature on inventory theory, and this volume reviews all the important conceptual developments of the subject." Harvey M. WagnerUniversity of North Carolina at Chapel Hill "Beyer, Cheng, Sethi and Taksar have done a fine job of bringing together many of the central results about this important class of models. The book will be useful to anyone interested in inventory theory." Paul ZipkinDuke University