Cover: Asymptotic behavior of the total cost function for dynamic inventory processes.

Asymptotic behavior of the total cost function for dynamic inventory processes.

Published 1960

by Donald L. Iglehart

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A paper which demonstrates a relationship between inventory control problem solutions obtained in the steady-state approach and those by the functional equation route. Under certain conditions on the cost functions, the average cost per stage of an N-stage inventory process, using an optimal ordering policy, converges as N goes to infinity to a constant that is the minimum steady-state cost per stage for policies determined by a single parameter.

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