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Title: Investigation the ergodic distribution of a semi-Markovian inventory model of type (s,S) with intuitive approximation approach
Authors: Alakoç, Büşra
Bektaş Kamışlık, Aslı
Kesemen, Tülay
Khaniyev, Tahir
Issue Date: 2023
Abstract: This paper concerns a stochastic process expressing (s,S) type inventory system with intuitive approximation approach. The stock level in the system is modeled as a semi-Markovian renewal reward process X(t). Therefore, the ergodic distributions of this process can be analyzed with the help of the renewal function. Obtaining explicit formula for renewal function U(x) is difficult from a practical standpoint. Mitov and Omey recently present some intuitive approximations in literature for renewal function which cover a large number of existing results. Using their approach we were able to establish asymptotic approximations for ergodic distribution of a stochastic process X(t). Obtained results can be used in many situations where demand random variables have different distributions from different classes such as Γ(g) class.
ISSN: 2630-6433
Appears in Collections:TR Dizin İndeksli Yayınlar / TR Dizin Indexed Publications Collection

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