Foundations of Stochastic Inventory Theory

"This book provides a comprehensive foundation for inventory theory. Amazingly, Evan Porteus is able to introduce and explain very complex concepts in simple and interesting ways. In providing the intuitions behind many of the theories and results, he brings difficult concepts to life. This is a must-read for anyone who wants to learn, apply, or conduct research in stochastic inventory theories." - Hau Lee (Stanford University) "This book provides a powerful and insightful approach to the analysis and control of stochastic dynamic systems. The introduction to dynamic optimization is focused and efficient with emphasis on how the theory can be applied to operational control settings such as inventory management and many others. At last, with this book every student and researcher interested in optimal operational control can benefit!" - Jan A. Van Mieghem, Kellogg School of Management (Northwestern University) "Evan Porteus has organized the important foundations that are essential not only to appreciate this area and apply known results effectively, but that are crucial to fuel further progress that inevitably will be required to meet new practical challenges." - Sridhar Tayur, Graduate School of Industrial Administration (Carnegie Mellon University) "Every organization is striving to match supply with demand. Foundations of Stochastic Inventory Theory introduces the fundamental theories for tackling this challenging management task. Emphasizing simple, intuitive, and practical inventory policies rather than complex theories for general settings, Evan Porteus has written both a great textbook for graduate students in management, as well as a great reference book for anyone interested in inventory theory. Simply put, this is one of the best books on inventory theory available." - Lode Li (Yale School of Management)