標題: Optimal control policy for a standing order inventory system
作者: Chiang, Chi
管理科學系
Department of Management Science
關鍵字: inventory;emergency order;dynamic programming;storage constraint;lost-sales;standing order
公開日期: 16-十月-2007
摘要: In this paper, we consider a standing order inventory system in which an order of fixed size arrives in each period. Since demand is stochastic, such a system must allow for procurement of extra units in the case of an emergency and sell-offs of excess inventory. Assuming the average-cost criterion, Rosenshine and Obee (Operations Research 24 (1976) 1143-1155) first studied such a system and devised a 4-parameter inventory control policy that is not generally optimal. The current paper uses dynamic programming to determine the optimal control policy for a standing order system, which consists of only two operational parameters: the dispose-down-to level and order-up-to level. Either the average-cost or discounted-cost criterion can be assumed in the proposed model. Also, both the backlogged and lost-sales problems are investigated in this paper. By using a convergence theorem, we stop the dynamic programming computation and obtain the two optimal parameters. (C) 2006 Elsevier B.V. All rights reserved.
URI: http://dx.doi.org/10.1016/j.ejor.2006.08.038
http://hdl.handle.net/11536/10229
ISSN: 0377-2217
DOI: 10.1016/j.ejor.2006.08.038
期刊: EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
Volume: 182
Issue: 2
起始頁: 695
結束頁: 703
顯示於類別:期刊論文


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