Optimal Policies for Brownian Inventory Systems With a Piecewise Linear Ordering Cost.
Dacheng YaoXiuli ChaoJingchen WuPublished in: IEEE Trans. Autom. Control. (2017)
Keyphrases
- inventory systems
- optimal policy
- ordering cost
- long run
- single item
- dynamic programming
- lost sales
- periodic review
- infinite horizon
- finite horizon
- multi item
- inventory models
- inventory control
- optimal control
- lot sizing
- markov decision processes
- single stage
- multistage
- state space
- decision problems
- inventory policy
- single product
- order quantity
- expected cost
- heavy traffic
- state dependent
- sufficient conditions
- average cost
- finite state
- stochastic demand
- lot size
- fixed cost
- queueing networks
- reinforcement learning
- inventory level
- lead time
- initial state
- linear programming
- asymptotically optimal
- objective function
- markov decision process
- setup cost
- combinatorial auctions
- production planning
- stochastic processes
- production cost