On the stability of a dynamic stochastic production and inventory system controlled by an optimal policy.
Karl HindererPublished in: Z. Oper. Research (1973)
Keyphrases
- optimal policy
- optimal production
- state dependent
- inventory level
- periodic review
- finite horizon
- infinite horizon
- base stock policies
- production process
- lost sales
- periodic review inventory
- inventory systems
- base stock policy
- markov decision processes
- production inventory
- inventory control
- long run
- production rate
- single product
- lot size
- control policies
- stochastic inventory control
- production planning
- single stage
- long run average cost
- production system
- multistage
- stochastic demand
- expected cost
- single period
- lead time
- steady state
- inventory management
- inventory models
- state space
- reinforcement learning
- lot sizing
- total cost
- dynamic programming
- demand distributions
- asymptotically optimal
- raw material
- setup cost
- finite state
- multi item
- sample path
- production cost
- inventory policy
- queueing networks
- average cost
- manufacturing systems
- stochastic process
- production line
- sufficient conditions
- order quantity
- single item
- monte carlo
- supply chain
- mixed integer programming
- markov decision process
- planning horizon
- pricing strategies
- average reward