A Series Expansion Approach to Risk Analysis of an Inventory System with Sourcing

J. Berkhout; B.F. Heidergott

doi:10.3182/20140514-3-FR-4046.00095

A Series Expansion Approach to Risk Analysis of an Inventory System with Sourcing

J. Berkhout, B.F. Heidergott

Amsterdam Business Research Institute

Research output: Chapter in Book / Report / Conference proceeding › Conference contribution › Academic › peer-review

Abstract

In this paper we extend the series expansion approach for uni-chain Markov processes to a special case of finite multi-chains with possible transient states. We will show that multi-chain Markov models arise naturally in simple models such as a single item inventory system with sourcing, i.e., with the possibility to choose between different suppliers for replenishment. Numerical examples are provided to illustrate the performance of the series expansion algorithm to the risk analysis of this type of inventory systems.

Original language	English
Title of host publication	12th International Workshop on Discrete Event Systems
Place of Publication	Cachan, France
Publisher	IFAC
Pages	510-515
DOIs	https://doi.org/10.3182/20140514-3-FR-4046.00095
Publication status	Published - 2014
Event	Workshop on Discrete Event Systems - Cachan, France Duration: 1 Jan 2014 → 1 Jan 2014

Conference

Conference	Workshop on Discrete Event Systems
Period	1/01/14 → 1/01/14

Access to Document

10.3182/20140514-3-FR-4046.00095

Persistent URL (handle)

Persistent link

Cite this

@inproceedings{7fe6ce68cbc2481eaa1a3ad613831cb6,

title = "A Series Expansion Approach to Risk Analysis of an Inventory System with Sourcing",

abstract = "In this paper we extend the series expansion approach for uni-chain Markov processes to a special case of finite multi-chains with possible transient states. We will show that multi-chain Markov models arise naturally in simple models such as a single item inventory system with sourcing, i.e., with the possibility to choose between different suppliers for replenishment. Numerical examples are provided to illustrate the performance of the series expansion algorithm to the risk analysis of this type of inventory systems.",

author = "J. Berkhout and B.F. Heidergott",

year = "2014",

doi = "10.3182/20140514-3-FR-4046.00095",

language = "English",

pages = "510--515",

booktitle = "12th International Workshop on Discrete Event Systems",

publisher = "IFAC",

note = "Workshop on Discrete Event Systems ; Conference date: 01-01-2014 Through 01-01-2014",

}

TY - GEN

T1 - A Series Expansion Approach to Risk Analysis of an Inventory System with Sourcing

AU - Berkhout, J.

AU - Heidergott, B.F.

PY - 2014

Y1 - 2014

N2 - In this paper we extend the series expansion approach for uni-chain Markov processes to a special case of finite multi-chains with possible transient states. We will show that multi-chain Markov models arise naturally in simple models such as a single item inventory system with sourcing, i.e., with the possibility to choose between different suppliers for replenishment. Numerical examples are provided to illustrate the performance of the series expansion algorithm to the risk analysis of this type of inventory systems.

AB - In this paper we extend the series expansion approach for uni-chain Markov processes to a special case of finite multi-chains with possible transient states. We will show that multi-chain Markov models arise naturally in simple models such as a single item inventory system with sourcing, i.e., with the possibility to choose between different suppliers for replenishment. Numerical examples are provided to illustrate the performance of the series expansion algorithm to the risk analysis of this type of inventory systems.

U2 - 10.3182/20140514-3-FR-4046.00095

DO - 10.3182/20140514-3-FR-4046.00095

M3 - Conference contribution

SP - 510

EP - 515

BT - 12th International Workshop on Discrete Event Systems

PB - IFAC

CY - Cachan, France

T2 - Workshop on Discrete Event Systems

Y2 - 1 January 2014 through 1 January 2014

ER -

A Series Expansion Approach to Risk Analysis of an Inventory System with Sourcing

Abstract

Conference

Access to Document

Persistent URL (handle)

Fingerprint

Cite this