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

by Richard Ernest Bellman, Stuart E. Dreyfus

Purchase Print Copy

 FormatList Price Price
Add to Cart Paperback8 pages $20.00 $16.00 20% Web Discount

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.

This report is part of the RAND Corporation research memorandum series. The Research Memorandum was a product of the RAND Corporation from 1948 to 1973 that represented working papers meant to report current results of RAND research to appropriate audiences.

The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.