Optimal inventory control in a multi-period newsvendor problem with non-stationary demand.
Gitae KimKan WuEdward HuangPublished in: Adv. Eng. Informatics (2015)
Keyphrases
- non stationary
- inventory control
- multi period
- planning horizon
- inventory models
- finite horizon
- lead time
- periodic review
- lot size
- single period
- expected cost
- stochastic demand
- fixed cost
- demand distributions
- supply chain
- production planning
- lot sizing
- lost sales
- total cost
- single product
- infinite horizon
- holding cost
- inventory systems
- multi item
- single item
- customer demand
- inventory level
- order quantity
- setup cost
- service level
- optimal strategy
- random variables
- facility location problem
- cost function
- supply chain management
- customer service
- long run
- routing problem
- markov decision processes
- optimal policy
- multistage
- dynamic pricing
- production system
- production cost
- dynamic programming
- special case