On the computational solution of dynamic-programming processes—IX

A multistage logistic-procurement model

Richard Ernest Bellman, Stuart E. Dreyfus

ResearchPublished 1957

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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  • Copyright: RAND Corporation
  • Availability: Available
  • Year: 1957
  • Print Format: Paperback
  • Paperback Pages: 8
  • Paperback Price: $20.00
  • DOI: https://doi.org/10.7249/RM1901
  • Document Number: RM-1901

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RAND Style Manual
Bellman, Richard Ernest and Stuart E. Dreyfus, On the computational solution of dynamic-programming processes—IX: A multistage logistic-procurement model, RAND Corporation, RM-1901, 1957. As of October 12, 2024: https://www.rand.org/pubs/research_memoranda/RM1901.html
Chicago Manual of Style
Bellman, Richard Ernest and Stuart E. Dreyfus, On the computational solution of dynamic-programming processes—IX: A multistage logistic-procurement model. Santa Monica, CA: RAND Corporation, 1957. https://www.rand.org/pubs/research_memoranda/RM1901.html. Also available in print form.
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