Optimal and near-optimal ( s , S ) inventory policies for Levy demand processes

Robin O. Roundy; Gennady Samorodnitsky[1]

  • [1] School of Operations Research and Industrial Engineering, and Department of Statistical Science, Cornell University, Ithaca, NY 14853.

RAIRO - Operations Research - Recherche Opérationnelle (2001)

  • Volume: 35, Issue: 1, page 37-70
  • ISSN: 0399-0559

How to cite

top

Roundy, Robin O., and Samorodnitsky, Gennady. "Optimal and near-optimal ($s,S$) inventory policies for Levy demand processes." RAIRO - Operations Research - Recherche Opérationnelle 35.1 (2001): 37-70. <http://eudml.org/doc/105237>.

@article{Roundy2001,
abstract = {},
affiliation = {School of Operations Research and Industrial Engineering, and Department of Statistical Science, Cornell University, Ithaca, NY 14853.},
author = {Roundy, Robin O., Samorodnitsky, Gennady},
journal = {RAIRO - Operations Research - Recherche Opérationnelle},
keywords = {backordering; inventory position; service levels; Levy processes; Gamma distribution},
language = {eng},
number = {1},
pages = {37-70},
publisher = {EDP-Sciences},
title = {Optimal and near-optimal ($s,S$) inventory policies for Levy demand processes},
url = {http://eudml.org/doc/105237},
volume = {35},
year = {2001},
}

TY - JOUR
AU - Roundy, Robin O.
AU - Samorodnitsky, Gennady
TI - Optimal and near-optimal ($s,S$) inventory policies for Levy demand processes
JO - RAIRO - Operations Research - Recherche Opérationnelle
PY - 2001
PB - EDP-Sciences
VL - 35
IS - 1
SP - 37
EP - 70
AB -
LA - eng
KW - backordering; inventory position; service levels; Levy processes; Gamma distribution
UR - http://eudml.org/doc/105237
ER -

References

top
  1. [1] S. Asxater, Using the Deterministic EOQ Formula in Stochastic Inventory Control. Management Sci. 42 (1996) 830-834. Zbl0880.90030
  2. [2] D. Beyer and S. Sethi, Average Cost Optimality in Inventory Models with Markovian Demands. J. Optim. Theory Appl. 92 (1997) 497-526. Zbl0873.90021MR1432607
  3. [3] S. Bollapragada, A simple heuristic for computing nonstationary ( s , S ) policies. Oper. Res. 47 (1999) 576-585. Zbl1014.90001
  4. [4] S. Browne and P. Zipkin, Inventory Models with Continuous, Stochastic Demands. Ann. Appl. Probab. 1 (1991) 419-435. Zbl0732.60080MR1111526
  5. [5] F. Chen and Y. Zheng, Inventory Policies with Quantized Ordering. Naval Res. Logist. 39 (1992) 654-665. Zbl0749.90023
  6. [6] K. Cheung, A Continuous Review Inventory Model with a Time Discount. IEEE Trans. 30 (1998) 747-757. 
  7. [7] A. Federgruen and Y. Zheng, Computing an Optimal ( s , S ) Policy is as Easy as Evaluating a Single Policy. Oper. Res. 39 (1991) 654-665. Zbl0749.90024
  8. [8] A. Federgruen and P. Zipkin, Computational Issues in an Infinite-Horizon, Multi-Echelon Inventory Model. Oper. Res. 32 (1984) 818-835. Zbl0546.90026MR865581
  9. [9] A. Federgruen and P. Zipkin, An Efficient Algorithm for Computing Optimal ( s , S ) Policies. Oper. Res. 32 (1984) 1268-1285. Zbl0553.90031MR775258
  10. [10] A. Federgruen and P. Zipkin, Computing Optimal ( s , S ) Policies in Inventory Models with Continuous Demands. Adv. in Appl. Probab. 17 (1985) 424-442. Zbl0566.90026MR789491
  11. [11] W. Feller, An Introduction to Probability and its Applications, Vol. II. Wiley, New York (1966). Zbl0138.10207MR210154
  12. [12] M. Fu, Sample Path Derivatives for ( s , S ) Inventory Systems. Oper. Res. 42 (1994) 351-364. Zbl0805.90038
  13. [13] J. Hu, S. Nananukul and W. Gong, A New Approach to ( s , S ) Inventory Systems. J. Appl. Probab. 30 (1993) 898-912. Zbl0820.90036MR1242020
  14. [14] G. Gallego, New Bounds and Heuristics for ( Q , r ) Policies. Management Sci. 44 (1988) 219-233. Zbl0989.90003
  15. [15] G. Gallego and T. Boyaci, Managing Waiting Time Related Service Levels in Single-Stage (Q,r) Inventory Systems, Working paper. Department of Industrial Engineering and Operations Research, Columbia University, New York, NY (2000). 
  16. [16] G. Gallego and T. Boyaci, Minimizing Holding and Ordering Costs subject to a Bound on Backorders is as Easy as Solving a Single Backorder Cost Model, Working paper. Department of Industrial Engineering and Operations Research, Columbia University, New York, NY (2000). Zbl0993.90005MR1876976
  17. [17] G. Gallego and T. Boyaci, Minimizing Average Ordering and Holding Costs subject to Service Constraints, Working paper. Department of Industrial Engineering and Operations Research, Columbia University, New York, NY (2000). 
  18. [18] G.J. Hadley and T.M. Whitin, Analysis of Inventory Systems. Prentice Hall, Englewood Cliffs, NJ (1963). Zbl0133.42901
  19. [19] T. Hida, Stationary Stochastic Processes. Princeton University Press, Princeton, NJ (1970). Zbl0214.16401MR258106
  20. [20] L.A. Johnson and D.C. Montgomery, Operations Research in Production Planning, Scheduling, and Inventory Control. John Wiley and Sons, New York (1974). 
  21. [21] S. Nahmias, Production and Operations Analysis, Second Edition. Irwin, Homewood Illinois, 60430 (1993). 
  22. [22] N.U. Prabhu, Stochastic Storage Processes. Springer-Verlag, New York (1980). Zbl0453.60094MR602329
  23. [23] S. Resnick, Adventures in Stochastic Processes. Birkhauser, Boston, MA (1992). Zbl0762.60002MR1181423
  24. [24] L. Robinson, Tractible ( Q , R ) Heuristic Models for Constrained Service Levels. Management Sci. 43 (1997) 951-965. Zbl0890.90051
  25. [25] R. Roundy and G. Samorodnitsky, Optimal and Heuristic (s,S) Inventory Policies for Levy Demand Processes, Technical Report. School of Opeations Research and Industrial Engineering, Cornell University, Ithaca NY 14853 (1996). Zbl0996.90003
  26. [26] I. Sahin, On the Objective Function Behavior in ( s , S ) Inventory Models. Oper. Res. 82 (1982) 709-724. Zbl0486.90034MR666361
  27. [27] R. Serfozo and S. Stidham, Semi-Stationary Clearing Processes. Stochastic Process. Appl. 6 (1978) 165-178. Zbl0372.60146MR478406
  28. [28] M. Sharpe, General Theory of Markov Porcesses. Academic Press, Boston Massachusetts (1988). Zbl0649.60079MR958914
  29. [29] J. Song and P. Zipkin, Inventory Control in a Fluctuating Demand Environment. Oper. Res. 41 (1993) 351-370. Zbl0798.90035
  30. [30] T.E. Vollman, W.L. Berry and D.C. Whybark, Manufacturing Planning and Control Systems, Third Edition. Irwin, Homewood Illinois (1992). 
  31. [31] Y. Zheng and A. Federgruen, Finding Optimal ( s , S ) Policies is About as Simple as Evaluating a Single Policy. Oper. Res. 39 (1991) 654-665. Zbl0749.90024
  32. [32] Y. Zheng, On Properties of Stochastic Inventory Systems. Management Sci. 38 (1992) 87-103. Zbl0764.90029
  33. [33] P. Zipkin, Stochastic Lead Times in Continuous-Time Inventory Models. Naval Res. Logist. Quarterly 33 (1986) 763-774. Zbl0632.90018MR860745
  34. [34] P. Zipkin, Foundations of Inventory Management. McGraw-Hill, Boston Massachusetts (2000). 

NotesEmbed ?

top

You must be logged in to post comments.

To embed these notes on your page include the following JavaScript code on your page where you want the notes to appear.

Only the controls for the widget will be shown in your chosen language. Notes will be shown in their authored language.

Tells the widget how many notes to show per page. You can cycle through additional notes using the next and previous controls.

    
                

Note: Best practice suggests putting the JavaScript code just before the closing </body> tag.