Replenishing an inventory system permitting lost sales under Poisson demand and short lead times: Explicit performance and an efficient algorithm.
Avi HerbonPublished in: Comput. Ind. Eng. (2019)
Keyphrases
- lead time
- lost sales
- stochastic demand
- inventory systems
- infinite horizon
- inventory level
- continuous review inventory
- supply chain
- dynamic programming
- inventory control
- single item
- periodic review
- inventory models
- stochastic lead times
- learning algorithm
- optimal policy
- single product
- inventory management
- sample path
- single stage
- holding cost
- multi item
- poisson process
- service level
- objective function
- random variables
- order quantity
- lot sizing
- total cost
- finite horizon
- optimal solution
- production cost
- cost function
- base stock policy
- demand distributions
- stochastic inventory
- optimal base stock levels
- planning horizon