Production-Inventory with Equipment Replacement—PIER

M. Venkatesan
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M. Venkatesan: New York University, New York, New York

Operations Research, 1984, vol. 32, issue 6, 1286-1295

Abstract: A two-dimensional Markov Decision Process model is used to combine the Production-Inventory problem and the Equipment Replacement problem. We provide two sets of sufficient conditions for the combined optimal policy to have a relatively simple monotonic structure.

Keywords: 331 with equipment replacement; 357 jointly optimal inventory policies; 362 production-inventory and replacement (search for similar items in EconPapers)
Date: 1984
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