Parametric replenishment policies for inventory systems with lost sales and fixed order cost.
Marco BijvankSandjai BhulaiWoonghee Tim HuhPublished in: Eur. J. Oper. Res. (2015)
Keyphrases
- lost sales
- inventory systems
- optimal policy
- setup cost
- single stage
- periodic review
- inventory models
- multi item
- expected cost
- lead time
- inventory control
- holding cost
- stochastic demand
- inventory level
- infinite horizon
- base stock policies
- stochastic lead times
- stochastic inventory
- order quantity
- production cost
- markov decision processes
- lot sizing
- inventory holding
- total cost
- finite horizon
- single item
- multistage
- decision problems
- dynamic programming
- single product
- average cost
- asymptotically optimal
- objective function
- supply chain
- state space
- cost function
- state dependent
- base stock policy
- fixed cost
- long run
- special case