Dynamic inventory strategies for profit maximization in a service facility with stochastic service, demand and lead time.
Oded BermanEungab KimPublished in: Math. Methods Oper. Res. (2004)
Keyphrases
- lead time
- profit maximization
- inventory control
- supply chain
- inventory systems
- assembly systems
- expected profit
- customer service
- optimal base stock levels
- service level
- periodic review
- lot sizing
- single item
- lot size
- lost sales
- setup cost
- single product
- planning horizon
- stochastic lead times
- total cost
- stochastic demand
- customer demand
- pricing strategies
- inventory level
- holding cost
- stochastic inventory
- inventory models
- base stock policy
- inventory costs
- base stock policies
- replenishment policy
- multi item
- inventory management
- sample path
- single period
- single stage
- demand distributions
- utility function