Research on Multi-Stage Inventory Model by Markov Decision Process

On a Multi-stage Stochastic Programming Model for Inventory Planning

This paper considers a stochastic dynamic inventory problem involving a single item, linear cost structures, and finite distributions (but not necessarily independent) for the stochastic cost and demand parameters. We develop primal and dual algorithms for a multi-stage stochastic linear programming formulation for the problem. The complexity of the proposed algorithms is shown to be within O(N...

Benefits of Multi-Stage Inventory Planning in Process Industries

Inventory optimization remains one of the key challenges in supply chain management. Typically, large amounts of working capital are tied up in today’s supply chains, restricting the opportunities for growth and impairing profitability. Furthermore, reported inventory figures become more and more important indicators for investors and other external stakeholders when assessing the efficiency an...

Markov Decision Process Model for Path Selection Algorithm on Multi-Business System with Services Composition

Services composition can reorganize a variety of heterogeneous network services to form new businesses on the multi-service streaming media system, which can speed up the development and deployment of new services. In this paper, a three layer model is used to describe the service composition in a streaming media system. In order to improve the real-time request response performance, path selec...

Dynamic Decision Model using Partially Observable Markov Decision Process

A Markov Model to Determine Optimal Equipment Adjustment in Multi-stage Production Systems Considering Variable Cost

Our aim is to maximize expected profit per item of a multi-stage production system by determining best adjustment points of the equipments used based on technical product specifications defined by designer. In this system, the quality characteristics of items produced should be within lower and higher tolerance limits. When a quality characteristic of an item either falls beneath the lower li...