Stochastic Single Period Models
The inventory models we have discussed to this point have been characterized by continuous stock monitoring. An order may be placed at any point in time. In contrast to these are the periodic models. Stock inspection and/or orders are possible only at discrete points in time, i.e., at the beginning of a period. If nothing is explicitly specified, all periods are taken to be of the same length.
KeywordsInventory Control Single Period Shortage Cost Hotel Manager Single Period Model
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