Infinite horizon optimal policy for an inventory system with two types of product sharing common hardware platforms.
Mabel C. ChouChee-Khian SimXue-Ming YuanPublished in: Oper. Res. Lett. (2017)
Keyphrases
- infinite horizon
- optimal policy
- finite horizon
- production capacity
- production planning
- optimal production
- hardware platforms
- holding cost
- single product
- periodic review
- stochastic demand
- markov decision processes
- long run
- base stock policy
- dynamic programming
- single item
- lead time
- lost sales
- optimal control
- markov decision process
- decision problems
- inventory level
- state space
- state dependent
- multistage
- production system
- inventory control
- reinforcement learning
- partially observable
- fixed cost
- inventory policy
- average cost
- production process
- planning horizon
- inventory models
- markov decision problems
- production cost
- policy iteration
- customer demand
- expected cost
- manufacturing systems
- production inventory
- setup cost
- demand distributions
- long run average cost