Methodology for Analyzing and Characterizing Error Generation in Presence of Autocorrelated Demands in Stochastic Inventory Models

Rafael Diaz
Most techniques that describe and solve stochastic inventory problems rely upon the assumption of identically and independently distributed (IID) demands. Stochastic inventory formulations that fail to capture serially-correlated components in the demand lead to serious errors. This dissertation provides a robust method that approximates solutions to the stochastic inventory problem where the control review system is continuous, the demand contains autocorrelated components, and the lost sales case is considered. A simulation optimization technique based on...
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