Optimal control policy for a Brownian inventory system with concave ordering cost.
Dacheng YaoXiuli ChaoJingchen WuPublished in: J. Appl. Probab. (2015)
Keyphrases
- control policy
- long run
- infinite horizon
- ordering cost
- single item
- periodic review
- finite horizon
- single product
- average cost
- inventory policy
- control policies
- inventory control
- expected cost
- optimal policy
- fixed cost
- lot size
- optimal control
- stochastic demand
- multi item
- inventory level
- reinforcement learning
- lost sales
- lot sizing
- heavy traffic
- inventory models
- holding cost
- lead time
- queueing networks
- service level
- supply chain
- multistage
- production planning
- upper bound
- markov decision processes
- setup cost
- planning horizon
- markov decision process
- single stage
- state space
- dynamic programming
- order quantity
- np hard
- customer service
- special case
- optimal solution
- objective function
- machine learning