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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Veröffentlicht in:Mathematics of operations research Jg. 34; H. 3; S. 674 - 685
Hauptverfasser: Halman, Nir, Klabjan, Diego, Mostagir, Mohamed, Orlin, Jim, Simchi-Levi, David
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Linthicum INFORMS 01.08.2009
Institute for Operations Research and the Management Sciences
Schlagworte:
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-Zugang:Volltext
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Zusammenfassung: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-time approximation scheme.
Bibliographie:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
ISSN:0364-765X
1526-5471
DOI:10.1287/moor.1090.0391