Optimal production policy with shelf life including shortages.
S. SharmaPublished in: J. Oper. Res. Soc. (2004)
Keyphrases
- optimal production
- planning horizon
- production process
- production system
- expected cost
- optimal policy
- supply chain
- lot sizing
- production planning
- total cost
- inventory management
- lead time
- manufacturing systems
- production rate
- state dependent
- stochastic demand
- raw material
- service level
- inventory policy
- single product
- infinite horizon
- inventory models
- holding cost
- random variables
- state space
- production cost
- lot size
- inventory level
- multistage
- long run
- decision problems
- markov decision processes
- fixed cost
- arrival rate
- cost function
- optimal control