An optimal replenishment policy for items with inventory-level-dependent demand and fixed lifetime under the LIFO policy.
Y.-W. ZhouS.-L. YangPublished in: J. Oper. Res. Soc. (2003)
Keyphrases
- replenishment policy
- lead time
- inventory level
- single item
- holding cost
- periodic review
- supply chain
- single product
- expected cost
- infinite horizon
- inventory control
- order quantity
- optimal production
- inventory systems
- lost sales
- production inventory
- service level
- stochastic demand
- heavy traffic
- lot sizing
- total cost
- expected profit
- optimal policy
- customer demand
- random variables
- setup cost
- joint replenishment
- state dependent
- long run
- dynamic pricing
- inventory policy
- finite horizon
- planning horizon
- cost function
- average cost
- asymptotically optimal
- fixed cost
- arrival rate
- bayesian networks
- utility function
- markov chain
- upper bound
- probability distribution
- dynamic programming
- lot size