Computing the optimal policy for capacitated inventory models

SRIDHAR R. TAYUR

107 citations0/0 files storedStochastic Models

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Supply Chain and Inventory Management Management and Optimization Techniques Advanced Queuing Theory Analysis

Abstract

We consider an infinite-horizon inventory model with finite production capacity and stochastic demands. Federgruen and Zipkin [2][3] showed that a base-stock policy is optimal; however, they did not provide an algorithm for the computation of the optimal policy or the cost. We provide, for the average cost criteria, an algorithm to compute the critical number and the associated cost. Our approach uses results from the theory of storage processes and multi-stage uncapacitated systems

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2004Optimal Policies for a Multi-Echelon Inventory Problem 1960Optimal Policies for a Multi-Echelon Inventory Problem 1986An Inventory Model with Limited Production Capacity and Uncertain Demands II. The Discounted-Cost Criterion 1960Dynamic Inventory Policy with Varying Stochastic Demands 1967QUEUES AND INVENTORIES 1986An Inventory Model with Limited Production Capacity and Uncertain Demands I. The Average-Cost Criterion

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1998Leadtime-Inventory Trade-Offs in Assemble-to-Order Systems 2000Development of a Rapid-Response Supply Chain at Caterpillar 1997Bounds and Asymptotics for Planning Critical Safety Stocks 2008Approximation Algorithms for Capacitated Stochastic Inventory Control Models 1997Stochastic Inventory Models with Limited Production Capacity and Periodically Varying Parameters 2005A Production-Inventory System with Markovian Capacity and Outsourcing Option 2002Managing Capacity and Inventory Jointly in Manufacturing Systems

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