Application of Fractional Calculus on the Crisp and Uncertain Inventory Control Problem

Abstract

This chapter explores the possible application of fractional calculus in the field of operation research, more specifically inventory control problem. The sense of memory can be implemented in a dynamical system with the mathematical manipulation through fractional calculus. In this chapter, some recently published papers on generalized lot-sizing models described by fractional differential equation in crisp as well as uncertain environments are reviewed. The intuitional applicability, obstacles, and challenges for studying the inventory management problems under fractional differential equation (in Riemann-Liouville and Caputo approaches) are discussed in this chapter.