Deployment of finite-stage Markov decision processes for inventory management solutions in enterprise restructuring, Chapter 13

Minovski, Robert and Mitkovska-Trendova, Katerina and Jovanoski, Delco (2009) Deployment of finite-stage Markov decision processes for inventory management solutions in enterprise restructuring, Chapter 13. In: Intelligent production systems way to competitiveness and innovative engineering, Scientific Monography. Faculty of Mechanical Engineering, Skopje, Macedonia and Faculty of Mechanical Engineering, Maribor, Slovenia, Skopje, pp. 149-163. ISBN 978-9989-2701-4-7

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Abstract

The decision making process is becoming very complex, especially when it comes to the problem of enterprise restructuring. Intelligent solutions have to be utilized in order to cope efficiently with this issue. For this purpose the model for enterprise restructuring, named as COMPASS was developed. It aims to systematise the complex process of enterprise restructuring and to attach appropriate methods in the key decision making points, supporting the industry praxis with robust, scientifically founded, but practical and easy to use methods/tools. COMPASS is meant to be under continuous development. Now, the improvement of the process of generation of success factors (as a dominantly heuristic activity) and the optimization of the simulation process are the focal points. Here, the improvement of the generation of success factors through an application of finite-stage Markov decision processes (MDP) in the inventory problem is introduced. The objective is to find the optimal inventory policy and to determine the utility function. MDP are a flexible technique for stochastic and dynamic optimization problems and provide a powerful tool for optimizing performance in very different areas and their application in inventory management is only one of the examples.

Item Type: Book Section
Subjects: Engineering and Technology > Mechanical engineering
Divisions: Military Academy
Depositing User: Katerina Trendova
Date Deposited: 16 Feb 2015 10:17
Last Modified: 16 Feb 2015 10:17
URI: http://eprints.ugd.edu.mk/id/eprint/12663

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