series: EI 9931-/A
Inventory control and regenerative processes
In this paper we will discuss a general framework for single item inventory models based on the theory of regenerative processes. After presenting without proof the main theorems for regenerative processes we analyze in detail how the different single item models can be embedded within this general theory. This facilitates to write down the expressions for the average cost associated with an arbitrary costrate function ƒ, and some of the service measures, which appear most frequently in the literature.