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A continuous review (s, S) inventory system in a random environment

Published online by Cambridge University Press:  14 July 2016

Richard M. Feldman
Richard M. Feldman*
Affiliation:
Texas A&M University
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Abstract

The steady-state distribution of the inventory position for a continuous review (s, S) inventory system is derived. The demand for items in inventory is dependent on an external environment. During an interval of time in which the environment is in a fixed state, the demand follows a discrete-valued compound Poisson process. The parameters of the compound Poisson process depend completely on the state of the environment. The environmental process is modeled as a continuous-time Markov process.

Keywords

CONTINUOUS REVIEW INVENTORYMARKOV PROCESSCOMPOUND POISSON PROCESSMARKOV ADDITIVE PROCESS
Type
Short Communications
Information
Journal of Applied Probability , Volume 15 , Issue 3 , September 1978 , pp. 654 - 659
Copyright
Copyright © Applied Probability Trust 1978 

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References

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