A Fully Polynomial-Time Approximation Scheme for Single-Item Stochastic Inventory Control with Discrete Demand

The single-item stochastic inventory control problem is to find an inventory replenishment policy in the presence of independent discrete stochastic demands under periodic review and finite time horizon. In this paper, we prove that this problem is intractable and design for it a fully polynomial-ti...

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Bibliographic Details
Published in:	Mathematics of operations research Vol. 34; no. 3; pp. 674 - 685
Main Authors:	Halman, Nir, Klabjan, Diego, Mostagir, Mohamed, Orlin, Jim, Simchi-Levi, David
Format:	Journal Article
Language:	English
Published:	Linthicum INFORMS 01.08.2009 Institute for Operations Research and the Management Sciences
Subjects:	Algorithms Analysis Approximation approximation algorithms Approximations Carrying costs Cost functions Dynamic programming Evaluation Integers Inventory control Mathematical functions Polynomials Procurement Stochastic control theory stochastic dynamic programming stochastic inventory management Studies
ISSN:	0364-765X, 1526-5471
Online Access:	Get full text
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