The Power Approximation for Computing (s,S) Inventory Policies

Bounds of the Expected Approximation Error in Optimal Inventory Policies

Bounds for the approximation error of optimal inventory policies are derived. The unknown distribution functions are approximated by normal distributions. The expectation of the errors are of order 00log(N) 1 2 ]:

Computing globally optimal (s,S,T) inventory policies

We consider a single-echelon inventory installation under the (s,S,T) periodic review ordering policy. Demand is stationary random and, when unsatisfied, is backordered. Under a standard cost structure, we seek to minimize total average cost in all three policy variables; namely, the reorder level s, the order-up-to level S and the review interval T. Considering time to be continuous, we first ...

Coordinated and Joint Ordering Policies for Two Commodity Inventory System

Modelling and computing (R,S) policies for inventory systems with non-stationary stochastic demand

This paper addresses the single-item, non-stationary stochastic demand inventory control problem under the nonstationary (R,S) policy. In non-stationary (R,S) policies two sets of control parameters—the review intervals, which are not necessarily equal, and the order-up-to-levels for replenishment periods—are fixed at the beginning of the planning horizon to minimize the expected total cost. It...

Periodic review, push inventory policies for remanufacturing

Sustainability has become a major issue in most economies, causing many leading companies to focus on product recovery and reverse logistics. This research is focused on product recovery, and in particular on production control and inventory management in the remanufacturing context. We study a remanufacturing facility that receives a stream of returned products according to a Poisson process. ...