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Periodic Review Inventory Systems with Continuous Demand and Discrete Order Sizes

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  • John N. Tsitsiklis

    (Department of Electrical Engineering, Stanford University, Stanford, California 94305)

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    Abstract

    We study a single product inventory system with nonnegative setup cost in which the demand is a continuous random variable but orders are restricted to be integer valued. Optimal policies, when there are no setup costs, have a nice form. However, we show that, when the setup costs are nonzero, optimal policies may have a very counterintuitive form without any particular structure. We obtain a bound for the increase in costs resulting from the restriction of orders to be integers and define a suboptimal policy whose performance is within that bound.

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    File URL: http://dx.doi.org/10.1287/mnsc.30.10.1250
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    Bibliographic Info

    Article provided by INFORMS in its journal Management Science.

    Volume (Year): 30 (1984)
    Issue (Month): 10 (October)
    Pages: 1250-1254

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    Handle: RePEc:inm:ormnsc:v:30:y:1984:i:10:p:1250-1254

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    Related research

    Keywords: inventory systems; periodic review; continuous demand; discrete orders;

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