Research Reports from the Department of Operations
Document Type
Report
Publication Date
7-1-1980
Abstract
A two-dimensional Markov Decision Process model is used to combine the Production-Inventory problem and the Equipment Replacement problem (PIER). A new set of sufficient conditions is provided for optimality of a simply structured monotone policy that achieves the minimum expected discounted cost for any finite horizon problem.
Keywords
Markov processes, Stochastic processes, Inventory control, Inventories--Mathematical models, Replacement of industrial equipment--Mathematical models, Operations research
Publication Title
Technical Memorandums from the Department of Operations, School of Management, Case Western Reserve University
Issue
Technical memorandum no. 473
Rights
This work is in the public domain and may be freely downloaded for personal or academic use
Recommended Citation
Venkatesan, M., "Alternate Conditions for the Pier Problem" (1980). Research Reports from the Department of Operations. 17.
https://commons.case.edu/wsom-ops-reports/17