OPM 802 Dynamic and Stochastic Models in Supply Chain Research

Content:

The course introduces some fundamental techniques for stochastic modelling and optimization, and it discusses their application in supply chain research. Key topics include: 

• Stochastic processes,
• Markov chains,
• stochastic dynamic programming,
• inventory theory, 
• revenue management.

Prerequisites: Fundamentals in mathematics and statistics

• Formal: none            
• Literature:
  • Porteus EL (2002). Foundations of Stochastic Inventory Theory, Stanford Business Books
  • Puterman M (1994). Markov Decision Processes: Discrete Stochastic Dynamic Programming, Wiley