Inventory Management Model in the Construction Industry Based on Markov Stochastic Processes

Abstract

Inventory Management Model in the Construction Industry Based on Markov Stochastic Processes

Barkalov S.A., Moiseev S.I., Serebryakova E.A.

Incoming article date: 02.01.2023

The paper considers a mathematical model that evaluates the probability of having resources at construction sites in the coming periods of time. The model is based on Markov random processes of death and reproduction. A qualitative analysis of the availability of resources for a period from 1 to 7 time periods was carried out and recommendations were given for effective inventory management at construction sites.

Keywords: construction, resources, management, reserves, mathematical modeling, probability, event flows, Markov random processes, death and reproduction processes