Optimal replenishment rate for inventory systems with compound Poisson demands and lost sales: a direct treatment of time-average cost.
Michael N. KatehakisBenjamin MelamedJunmin ShiPublished in: Ann. Oper. Res. (2022)
Keyphrases
- lost sales
- inventory systems
- average cost
- optimal policy
- infinite horizon
- lead time
- finite horizon
- holding cost
- inventory models
- single stage
- periodic review
- long run
- markov decision processes
- expected cost
- setup cost
- total cost
- single item
- inventory control
- optimal control
- planning horizon
- dynamic programming
- stochastic demand
- supply chain
- single product
- inventory level
- stochastic lead times
- initial state
- base stock policy
- finite state
- state space
- multistage
- linear programming
- decision problems
- lot sizing
- multi item
- finite number
- asymptotically optimal
- reinforcement learning
- service level
- markov decision process
- order quantity
- state dependent
- customer demand
- production planning
- stationary distribution
- sufficient conditions
- optimal solution
- fixed cost
- optimal strategy
- linear program
- bayesian networks