An optimal ordering policy for a visitor-based purchasing system with stochastic delivery time and partial prepayment for profit maximization.
Ata Allah TaleizadehHamid Reza ZareiBhaba R. SarkerPublished in: RAIRO Oper. Res. (2022)
Keyphrases
- ordering policy
- profit maximization
- stochastic demand
- planning horizon
- finite horizon
- lost sales
- optimal solution
- raw material
- expected profit
- batch size
- stochastic process
- periodic review
- expected cost
- monte carlo
- cost function
- stochastic optimization
- order quantity
- inventory models
- single period
- asymptotically optimal