Research Initiation: Analysis of Stochastic Inventory Systems

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The object of this project is to consider the optimal planning and control of complex stochastic inventory systems where batch ordering must be used to exploit the economies of scale. The research consists of problems that include analyses of basic single-item inventory systems and general multi-product multi- echelon systems, and optimization of generalized (s,S) systems. For basic single-item inventory systems, the research is focused on sensitivity analysis, which is designed to pave the path to effective research on more complex systems. For multi-product multi-level systems, the research is focused on performance analysis of practical inventory control policies. Since optimal control of these systems is extremely difficult, the goal is to develop practical inventory control policies with guaranteed worst case performance. This research addresses fundamental issues arising from planning complex stochastic inventory systems. The anticipated results will improve the understanding of complex inventory systems, and add significantly to inventory theory literature.