This paper studies convergence properties of optimal values and actions for discounted and averagecost Markov Decision Processes (MDPs) with weakly continuous transition probabilities and applies these properties to the stochastic periodic-review inventory control problem with backorders, positive setup costs, and convex holding/backordering costs. The following results are established for MDPs...

In many inventory control contexts, inventory levels are only partially (i.e., not fully) observed. This may be due to non-observation of demand, spoilage, misplacement, or theft of inventory. We study a discrete-time periodic-review inventory system where the unmet demand is backordered. When inventory level is nonnegative, the inventory manager does not know the exact inventory level. Otherwi...

Production and inventory management are two interconnected concepts that crucial to the success of any physical product-driven organization. consists planning, coordinating, regulating manufacturing process guarantee things produced effectively, on schedule, in sufficient numbers. This often entails managing production resources such as people, materials, equipment fulfill targets while minimiz...

Availability of good quality stock, in right quantity, at place and time cost is the essence inventory control, which turn mandatory for smooth functioning service delivery any health care facility. Various techniques are available based on cost, criticality other factors e.g., ABC analysis, VED ABC-VED matrix, FSN SDE analysis etc. Each technique has its own strength weakness applicability. Ec...

In this paper we address the long-standing problem of finding computationally efficient and provably good inventory control policies in supply chains with correlated and nonstationary (time-dependent) stochastic demands. This problem arises in many domains and has many practical applications such as dynamic forecast updates (for some applications see Erkip et al. 1990 and Lee et al. 1999). We c...