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

    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