stochastic inventory control – Optimization Online

Fully Polynomial Time (Sigma,Pi)-Approximation Schemes for Continuous Nonlinear Newsvendor and Continuous Stochastic Dynamic Programs

Published: 2016/11/16, Updated: 2019/07/24

Approximation Algorithms, Dynamic Programming approximation algorithms, hardness of approximation, k-approximation sets and functions, newsvendor problem, stochastic dynamic programming, stochastic inventory control

We study the continuous newsvendor problem (i.e. a newsvendor problem concerning goods of a non-discrete nature, such as fresh fruit juice) and a class of stochastic dynamic programs with several application areas, such as inventory control of a continuous good, economics, and supply chain management. The class is characterized by continuous state and action spaces, … Read more

Robust Inventory Management Using Tractable Replenishment Policies

Published: 2007/04/16

Chuen-Teck See

Melvyn Sim

Robust Optimization, Stochastic Programming, Supply Chain Management robust optimization, stochastic inventory control

We propose tractable replenishment policies for a multi-period, single product inventory control problem under ambiguous demands, that is, only limited information of the demand distributions such as mean, support and deviation measures are available. We obtain the parameters of the tractable replenishment policies by solving a deterministic optimization problem in the form of second order … Read more