An optimal procurement policy for items with an inventory level-dependent demand rate and fixed lifetime.
Hark HwangKyu Hun HahnPublished in: Eur. J. Oper. Res. (2000)
Keyphrases
- inventory level
- expected cost
- optimal production
- ordering cost
- single product
- periodic review
- optimal policy
- state dependent
- production inventory
- inventory control
- infinite horizon
- optimal pricing
- order quantity
- holding cost
- lead time
- stochastic demand
- expected profit
- planning horizon
- lost sales
- total cost
- inventory policy
- long run
- fixed cost
- finite horizon
- inventory systems
- optimal strategy
- cost function
- inventory management
- customer demand
- production rate
- asymptotically optimal
- production capacity
- production process
- revenue management
- supply chain
- dynamic programming
- single item
- production cost
- dynamic pricing
- supply chain management
- optimal control
- long run average cost
- single stage
- single period
- production system
- average cost
- decision problems
- sufficient conditions
- lot size
- manufacturing systems
- inventory models
- control policy
- multi item