Stochastic inventory control: A literature review

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

The aim of stochastic inventory control is to determine the timing of issuing replenishment order and the corresponding order quantity subject to uncertainty of demand and/or other system parameters. In this literature survey we focus on the single-item single stocking location stochastic inventory control problem. More specically, we survey exact and heuristic models under stationary and non-stationary demand according to uncertainty strategies proposed by Bookbinder and Tan (1988).
Original languageEnglish
Title of host publicationProceedings of the 9th IFAC INFORMS Conference
Subtitle of host publicationManufacturing Modelling, Management and Control - MIM 2019
Pages1490-1495
DOIs
Publication statusE-pub ahead of print - 25 Dec 2019

Publication series

NameIFAC-PapersOnLine
PublisherElsevier
Number13
Volume52
ISSN (Print)2405-8963

Keywords

  • inventory control
  • stochastic lot sizing
  • static uncertainty
  • dynamic uncertainty
  • static-dynamic uncertainty

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