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Development of N-Period Dynamic Programming Model for Determining EOQ under Stochastic Demand

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dc.contributor.author Aisha, S.H.
dc.contributor.author Sani, B.
dc.date.accessioned 2025-11-07T09:11:12Z
dc.date.available 2025-11-07T09:11:12Z
dc.date.issued 2024-06-04
dc.description.abstract This paper demonstrates an approach to determine the EOQ of an item under a periodic review inventory system with stochastic demand. Using N-Period dynamic programming planning horizon, we analyse the ordering policy during each period considering when demand is favorable or unfavorable to determine the EOQ and the associated profit at the end of each planning horizon. The objective is to determine in each period of the planning horizon, an optimal EOQ so that at the long run profits are maximized for a given state of demand. We also generate a formula to determine the number of matrix transitions for each planning horizon until final stage and then prove the formula by the principle of mathematical induction.
dc.identifier.doi https://doi.org/10.58915/amci.v13i2.73
dc.identifier.uri https://ejournal.unimap.edu.my/index.php/amci/article/view/73/406
dc.identifier.uri https://hdl.handle.net/20.500.14170/14991
dc.language.iso en
dc.publisher Universiti Malaysia Perlis
dc.relation.ispartof Applied Mathematics and Computational Intelligence (AMCI)
dc.relation.issn 2289-1315
dc.subject Dynamic programming
dc.subject EOQ
dc.subject Planning horizon
dc.subject Stochastic demand
dc.subject Inventory management
dc.title Development of N-Period Dynamic Programming Model for Determining EOQ under Stochastic Demand
dc.type Resource Types::text::journal::journal article
dspace.entity.type Publication
oaire.citation.endPage 42
oaire.citation.issue No. 2
oaire.citation.startPage 25
oaire.citation.volume Volume 13
oairecerif.author.affiliation Ahmadu Bello University Zaria
oairecerif.author.affiliation Ahmadu Bello University Zaria
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