Inventory Optimization with Data Science: Hands-On Tutorial with Python

Part 2: A Gentle Introduction to Implementing the Markov Reward Process (MRP) for Inventory Optimization.

Intro

Effective inventory management is important for businesses across various industries. In the previous blog, we explored how to model the process and how to frame it with the Markov Process.

The below illustration shows how to model the probabilistic movement of the states:

In this blog, we go one step ahead and think about …

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