Lecture

Inventory Management

Description

This lecture covers the (s,s)-inventory model, focusing on the inventory system's level at the end of the period, demand, and order policy. It also discusses the concept of stationary Markov chains, irreducible chains, and the invariant distribution. The instructor explains the intuition behind the time reversal property in Markov chains and the detailed balance condition. Additionally, a queueing example and the Ehrenfest urns model are presented, illustrating the thermodynamics of gas molecules. The lecture concludes with the discussion of the invariant distribution in the context of detailed balance conditions and the binomial distribution.

About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.

Graph Chatbot

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.