Computing Optimal (s, S) Inventory Policies
AbstractA complete computational approach for finding optimal (s, S) inventory policies is developed. The method is an efficient and unified approach for all values of the model parameters, including a non-negative set-up cost, a discount factor 0 \leqq \alpha \leqq 1, and a lead time. The method is derived from renewal theory and stationary analysis, generalized to permit the unit interval range of values for \alpha . Careful attention is given to the problem associated with specifying a starting condition (when \alpha
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 11 (1965)
Issue (Month): 5 (March)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Chan, Gin Hor & Song, Yuyue, 2003. "A dynamic analysis of the single-item periodic stochastic inventory system with order capacity," European Journal of Operational Research, Elsevier, vol. 146(3), pages 529-542, May.
- Li, Xiaoming, 2010. "Optimal inventory policies in decentralized supply chains," International Journal of Production Economics, Elsevier, vol. 128(1), pages 303-309, November.
- Zhou, Bin & Zhao, Yao & Katehakis, Michael N., 2007. "Effective control policies for stochastic inventory systems with a minimum order quantity and linear costs," International Journal of Production Economics, Elsevier, vol. 106(2), pages 523-531, April.
- Bazsa-Oldenkamp, E.M. & den Iseger, P., 2003. "Optimal continuous order quantity (s,S) policies - the 45-degrees algorithm," Econometric Institute Research Papers EI 2002-47, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
- Lee, Jun-Yeon & Ren, Louie, 2011. "Vendor-managed inventory in a global environment with exchange rate uncertainty," International Journal of Production Economics, Elsevier, vol. 130(2), pages 169-174, April.
- Chiang, Chi, 2007. "Optimal ordering policies for periodic-review systems with a refined intra-cycle time scale," European Journal of Operational Research, Elsevier, vol. 177(2), pages 872-881, March.
- Xie, Xiaolan, 1998. "Stability analysis and optimization of an inventory system with bounded orders," European Journal of Operational Research, Elsevier, vol. 110(1), pages 126-149, October.
- Tunc, Huseyin & Kilic, Onur A. & Tarim, S. Armagan & Eksioglu, Burak, 2011. "The cost of using stationary inventory policies when demand is non-stationary," Omega, Elsevier, vol. 39(4), pages 410-415, August.
- Chen, Frank Y. & Krass, Dmitry, 2001. "Inventory models with minimal service level constraints," European Journal of Operational Research, Elsevier, vol. 134(1), pages 120-140, October.
- Baker, H. & Ehrhardt, R., 1995. "A dynamic inventory model with random replenishment quantities," Omega, Elsevier, vol. 23(1), pages 109-116, February.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mirko Janc).
If references are entirely missing, you can add them using this form.