Optimal Policy for a Two-Stage Assembly System under Random Demand.
Charles P. SchmidtSteven NahmiasPublished in: Oper. Res. (1985)
Keyphrases
- optimal policy
- long run average cost
- lost sales
- state dependent
- inventory level
- stochastic demand
- decision problems
- markov decision processes
- infinite horizon
- finite horizon
- dynamic programming
- reinforcement learning
- state space
- long run
- inventory models
- lot size
- inventory systems
- markov decision process
- base stock policies
- inventory management
- order quantity
- optimal production
- inventory control
- multistage
- sufficient conditions
- average reward
- demand distributions
- periodic review
- ordering cost
- optimal pricing
- single stage
- inventory policy
- production inventory
- bayesian reinforcement learning
- control policies
- asymptotically optimal
- holding cost
- sample path
- expected cost
- random variables
- average cost
- inventory replenishment