Technical Note - Dynamic Optimal Policy for an Inventory System of Two Substitutable Products with Positive Replenishment Lead Times.
Youyi FengJianjun XuShaohui ZhengPublished in: Oper. Res. (2019)
Keyphrases
- lost sales
- lead time
- optimal policy
- inventory level
- periodic review inventory
- inventory systems
- infinite horizon
- base stock policy
- inventory control
- inventory models
- inventory management
- sample path
- stochastic demand
- periodic review
- order quantity
- single stage
- supply chain
- raw material
- customer demand
- single product
- service level
- finite horizon
- multi item
- optimal base stock levels
- setup cost
- demand distributions
- replenishment policy
- dynamic programming
- state space
- total cost
- reinforcement learning
- markov decision processes
- holding cost
- single item
- long run
- stochastic inventory
- pricing strategies
- random variables
- production cost
- state dependent
- base stock policies
- inventory costs
- multistage
- planning horizon
- average cost