Cover: On the computational solution of dynamic-programming processes--IX: a multistage logistic-procurement model.

On the computational solution of dynamic-programming processes--IX: a multistage logistic-procurement model.

Published 1957

by Richard Ernest Bellman, Stuart E. Dreyfus

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An application of dynamic programming to multistage logistic problems. The optimal procurement of a replacement part, assuming stochastic demand, is analyzed to determine an initial-order quantity and a replacement schedule that minimize expected cost. Cost factors include purchase cost, storage cost, and outage penalty. 9 pp.

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