Recent advances on Markovian models for inventory research

Abstract

Markovian models have a wide range of applications in management science. One of the major applications is in modelling inventory systems. This paper presents a review of the recent advances on Markovian models for inventory research since the early 2000s. Markovian models for some important factors in inventory management, such as demand and supply processes, are discussed in the paper. Finally, directions for future research are provided.