Stochastic Inventory Control: A Literature Review

The aim of stochastic inventory control is to determine the timing of issuing replenishment order and the corresponding order quantity subject to uncertainty of demand and/or other system parameters. In this literature survey we focus on the single-item single-stocking location stochastic inventory control problem. More specifically, we survey exact and heuristic models under stationary and non-stationary demand according to uncertainty strategies proposed by Bookbinder and Tan (1988). (C) 2019, IFAC (International Federation of Automatic Control) Hosting by Elsevier Ltd. All rights reserved.