Dynamic-programming approach to optimal inventory processes with delay in delivery.

by Richard Ernest Bellman

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A proof that a class of inventory processes with time lags can be treated in terms of sequences of functions of one variable, regardless of the length of the delay in delivery. A type of transformation is used which was applied previously in the study of engineering control processes. The usual dynamic-programming approach to inventory processes with delays in delivery leads to functions of many variables. This multi-dimensionality prevents the straightforward use of digital computers.

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