A Stochastic Inventory Management Model with Consideration of Additional Information

Tanka Milkova ()
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Tanka Milkova: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2022, vol. 11, issue 1, 167-174

Abstract: Proper management of stocks in the logistics system is essential for achieving high economic performance of any economic organization in the modern economy. The choice of appropriate models and methods for effective stock management depends on the nature of their consumption. In general, two main types of inventory consumption are considered - in certain and in case of random demand. In literature, a fundamental model for the management of stocks in random demand is known, using probability characteristics for the consumption of a certain quantity of the stock. These values are often difficult to set completely correctly. The article offers an opportunity to overcome these difficulties by constructing an algorithm to determine them taking into account additional information about the environment.

Keywords: Inventory Management; Stochastic Models. (search for similar items in EconPapers)
JEL-codes: C61 (search for similar items in EconPapers)
Date: 2022
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