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
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Bibliographic InfoArticle provided by INFORMS in its journal Management Science.
Volume (Year): 11 (1965)
Issue (Month): 5 (March)
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