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A Markovian Decision Model for a Joint Replacement and Stocking Problem

Author

Listed:
  • C. Derman

    (Stanford and Columbia Universities; Stanford University)

  • G. J. Lieberman

    (Stanford and Columbia Universities; Stanford University)

Abstract

Two important classes of problems encountered by industry and government are those dealing with replacement policies and ordering policies. These problems are usually treated separately. A particular model which treats the replacement and stocking problems as one is considered in this paper. It is formulated as a denumerable state Markovian decision model. It is shown that the optimal decision policy has a particular structure. In attaining the optimal policy, this structure is exploited so that an optimal policy can be obtained in a finite number of steps.

Suggested Citation

  • C. Derman & G. J. Lieberman, 1967. "A Markovian Decision Model for a Joint Replacement and Stocking Problem," Management Science, INFORMS, vol. 13(9), pages 609-617, May.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:9:p:609-617
    DOI: 10.1287/mnsc.13.9.609
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    Cited by:

    1. Michael Katehakis & Ingram Olkin & Sheldon Ross & Jian Yang, 2013. "On the life and work of Cyrus Derman," Annals of Operations Research, Springer, vol. 208(1), pages 5-26, September.
    2. A. Gürhan Kök & Kevin H. Shang, 2007. "Inspection and Replenishment Policies for Systems with Inventory Record Inaccuracy," Manufacturing & Service Operations Management, INFORMS, vol. 9(2), pages 185-205, February.

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