A Computational Approach for an Optimal Base-Stock Policy of an Inventory System with Continuous Demands

摘要：

We develop a computational approach for an optimal base-stock policy of an inventory system with continuous demands. The system is reviewed periodically for a finite horizon. The problem is formulated into a dynamic programming. By numerical calculations for the multi-dimensional integrals in the dynamic programming, lower and upper bounds of the minimal system cost are obtained. Based on these bounds, an estimation of the minimal system cost is given. An approximation optimal policy is also obtained, with an evaluation for its quality through the relative error of the system cost. An example demonstrates the methodology.

作者: Wei Geng Xiaobo Zhao Jianyong Liu

作者单位: Department of Industrial Engineering, Tsinghua University, Beijing 100084, China Academy of Mathematics and System Science, Chinese Academy of Sciences, Beijing 100080, China

会议类型: 国际会议

会议名称: 2007 International Conference on Manufacturing & Service Operations Management(2007制造与服务运作管理国际学术会议)

会议地点: 北京

会议语种:英文

在线出版日期: 2007-06-18（万方平台首次上网日期，不代表论文的发表时间）