Séminaire Mathématique de Béjaia
Volume 13, Numéro 1, Pages 59-64
2014-12-31
A Taylor Series Approximation For The Performance Measures Of The (r, S, S) Inventory Model
Authors : Rahmoune-aoudia Fazia . Rabta Boualem . Aïssani Djamil .
Abstract
Real life inventory problems are often very complicated and they are resolved only through approxi¬mations. Therefore, it is very important to justify this approximation and to estimate the resultant error. This paper presents a functional approximation of the inventory model with (R; s; S) policy, built on a Taylor series approximation. Using the underlying Markov chain with respect to the perturbation of the demand distribution, we obtain quantitative estimates with an exact computation of constants. Numerical examples are carried out to illustrate the performance of this approach.
Keywords
Inventory Systems, Periodic Policy, Modeling, Markov Chains, Taylor series approximation.
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