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Probability Criterion Models

  • Baoding Liu
  • Augustine O. Esogbue
Part of the International Series in Operations Research & Management Science book series (ISOR, volume 20)

Abstract

In our general introduction to inventory processes presented in Chapter One, we isolated the three primary costs usually of interest in our models, namely: the ordering cost, the holding cost and the shortage cost. We also noted that, in many cases, their estimations pose great difficulties for the systems analyst. This was said to be especially the case with the shortage cost. We did however, make some efforts to show how this is done in practice, albeit with limited success.

Keywords

Inventory System Inventory Level Critical Number Probability Criterion Unimodal Function 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 1999

Authors and Affiliations

  • Baoding Liu
    • 1
  • Augustine O. Esogbue
    • 2
  1. 1.Department of Applied MathematicsTsinghua UniversityBeijingChina
  2. 2.School of Industrial and Systems EngineeringGeorgia Institute of TechnologyAtlantaUSA

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