Optimizing pricing and inventory strategies for dietary supplement production under stochastic demand.
Yaping ZhaoHao LuoQingyue ChenXiaoyun XuPublished in: Ind. Manag. Data Syst. (2023)
Keyphrases
- stochastic demand
- optimal production
- inventory control
- infinite horizon
- periodic review
- pricing strategies
- inventory replenishment
- lead time
- single product
- lost sales
- production planning
- finite horizon
- profit maximization
- dynamic pricing
- inventory level
- inventory policy
- production process
- inventory models
- optimal policy
- production system
- single item
- supply chain
- lot size
- inventory systems
- lot sizing
- planning horizon
- long run
- total cost
- revenue management
- setup cost
- raw material
- state space
- ordering policy
- dynamic programming
- online auctions
- customer demand
- average cost
- customer service
- lower bound
- production line