Finite Markov Chain in Inventory Control

In this paper we present an introduction to the finite markov chain. Transition probabilities are calculated, as well as a transition probability matrix. We present the necessary fundamentals of probability theory on markov chains for stochastic processes and stochastic modelling in inventory contro...

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Bibliographic Details
Published in:Journal of physics. Conference series 2020-02, Vol.1462 (1), p.12039
Main Authors: Sinaga, M S, Purba, O, Nasution, H
Format: Article
Language:English
Subjects:
Inventory control
Markov analysis
Markov chains
Physics
Probability theory
Stochastic models
Stochastic processes
Transition probabilities
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Summary:In this paper we present an introduction to the finite markov chain. Transition probabilities are calculated, as well as a transition probability matrix. We present the necessary fundamentals of probability theory on markov chains for stochastic processes and stochastic modelling in inventory control.
ISSN:1742-6588
1742-6596
DOI:10.1088/1742-6596/1462/1/012039