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Stochastic inventory control: A literature review

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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

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).

    Research areas

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

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