Optimal and near-optimal policies for lost sales inventory models with at most one replenishment order outstanding.
Roger M. HillSøren Glud JohansenPublished in: Eur. J. Oper. Res. (2006)
Keyphrases
- lost sales
- inventory models
- inventory policy
- base stock policies
- periodic review
- optimal policy
- inventory systems
- order quantity
- inventory holding
- finite horizon
- sample path
- lead time
- expected cost
- inventory control
- stochastic demand
- single period
- single stage
- demand distributions
- infinite horizon
- multi item
- holding cost
- dynamic programming
- inventory level
- fixed cost
- markov decision process
- setup cost
- average cost
- asymptotically optimal
- service level
- optimal control
- cost function
- decision making
- single product
- stochastic inventory
- production cost
- long run
- finite state
- total cost
- markov decision processes
- sufficient conditions
- optimal solution