Bayesian demand updating in the lost sales newsvendor problem: A two-moment approximation.
Emre BerkÜlkü GürlerRichard A. LevinePublished in: Eur. J. Oper. Res. (2007)
Keyphrases
- lost sales
- inventory models
- single period
- inventory systems
- demand distributions
- lead time
- order quantity
- stochastic inventory
- inventory control
- optimal policy
- periodic review
- sample path
- inventory management
- stochastic demand
- single stage
- multi item
- finite horizon
- infinite horizon
- inventory level
- capacity constraints
- expected cost
- production inventory
- supply chain
- base stock policies
- planning horizon
- holding cost
- production planning
- approximation algorithms
- setup cost
- single item
- bayesian networks
- special case
- service level
- long run
- total cost
- resource allocation
- random variables
- optimal solution