This thesis studies a single item periodic review inventory problem with stochastic demand, random price and quotation cost. It differs from the traditional inventory model in that at the beginning of each period, a decision is made whether to pay the quotation cost to get the price information....

This research focuses on Markov Decision Processes (MDP). MDP is one of the most important and challenging areas of Operations Research. Every day people make many decisions: today's decisions impacttomorrow's and tomorrow's will impact the ones made the day after. Problems in Engineering,...