Optimal production decision for a risk-averse manufacturer faced with random yield and stochastic demand.
Shiming DengZhong ZhengPublished in: Int. Trans. Oper. Res. (2020)
Keyphrases
- stochastic demand
- risk averse
- optimal production
- decision makers
- inventory level
- infinite horizon
- order quantity
- supply chain
- inventory control
- utility function
- lead time
- inventory policy
- expected utility
- production planning
- production process
- decision making
- inventory management
- optimal policy
- expected cost
- planning horizon
- production system
- state dependent
- finite horizon
- decision problems
- lost sales
- customer demand
- inventory models
- customer service
- single stage
- decision theory
- manufacturing systems
- single item
- holding cost
- decision variables
- mathematical models
- markov decision processes
- monte carlo
- dynamic programming