Optimal myopic policy for a stochastic inventory problem with fixed and proportional backorder costs.
Sila ÇetinkayaMahmut ParlarPublished in: Eur. J. Oper. Res. (1998)
Keyphrases
- stochastic inventory
- multi item
- ordering cost
- lost sales
- holding cost
- single period
- lead time
- infinite horizon
- reorder point
- expected cost
- single item
- order quantity
- total cost
- periodic review
- lot sizing
- finite horizon
- lot size
- setup cost
- inventory systems
- optimal policy
- inventory holding
- inventory models
- stochastic demand
- asymptotically optimal
- single product
- fixed cost
- average cost
- inventory control
- dynamic programming
- service level
- single stage
- supply chain
- optimal control
- optimal solution
- inventory management
- inventory level
- optimal strategy
- arrival rate
- sample path
- markov decision processes
- decision making
- long run average cost
- control policies
- state dependent
- high volume
- state space
- cost function