Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches

Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches

We consider a finite-horizon single-product periodic-review inventory managementproblem with demand distribution uncertainty. We formulate the problemas a dynamic program and prove the existence of an optimal (s, S) policy. Thecorresponding dynamic robust counterpart models are then developed for th...

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Main Authors: QIU, Ruozhen, SUN, Minghe, LIM, Yun Fong
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2017
Subjects:
inventory
periodic-review (s
S) policy
robust optimization
demand distribution uncertainty
dynamic programming
Operations and Supply Chain Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/5110
https://ink.library.smu.edu.sg/context/lkcsb_research/article/6109/viewcontent/yflim_EJOR2017_complete.pdf
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Institution: Singapore Management University
Language: English
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spelling sg-smu-ink.lkcsb_research-61092017-05-31T01:55:32Z Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches QIU, Ruozhen SUN, Minghe LIM, Yun Fong We consider a finite-horizon single-product periodic-review inventory managementproblem with demand distribution uncertainty. We formulate the problemas a dynamic program and prove the existence of an optimal (s, S) policy. Thecorresponding dynamic robust counterpart models are then developed for thebox and the ellipsoid uncertainty sets. These counterpart models are transformedinto tractable linear and second-order cone programs, respectively. Weillustrate the effectiveness and practicality of the proposed robust optimizationapproaches through a numerical study. 2017-09-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/5110 info:doi/10.1016/j.ejor.2017.02.027 https://ink.library.smu.edu.sg/context/lkcsb_research/article/6109/viewcontent/yflim_EJOR2017_complete.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University inventory periodic-review (s S) policy robust optimization demand distribution uncertainty dynamic programming Operations and Supply Chain Management
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic inventory
periodic-review (s
S) policy
robust optimization
demand distribution uncertainty
dynamic programming
Operations and Supply Chain Management
spellingShingle inventory
periodic-review (s
S) policy
robust optimization
demand distribution uncertainty
dynamic programming
Operations and Supply Chain Management
QIU, Ruozhen
SUN, Minghe
LIM, Yun Fong
Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
description We consider a finite-horizon single-product periodic-review inventory managementproblem with demand distribution uncertainty. We formulate the problemas a dynamic program and prove the existence of an optimal (s, S) policy. Thecorresponding dynamic robust counterpart models are then developed for thebox and the ellipsoid uncertainty sets. These counterpart models are transformedinto tractable linear and second-order cone programs, respectively. Weillustrate the effectiveness and practicality of the proposed robust optimizationapproaches through a numerical study.
format text
author QIU, Ruozhen
SUN, Minghe
LIM, Yun Fong
author_facet QIU, Ruozhen
SUN, Minghe
LIM, Yun Fong
author_sort QIU, Ruozhen
title Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
title_short Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
title_full Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
title_fullStr Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
title_full_unstemmed Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programming approaches
title_sort optimizing (s, s) policies for multi-period inventory models with demand distribution uncertainty: robust dynamic programming approaches
publisher Institutional Knowledge at Singapore Management University
publishDate 2017
url https://ink.library.smu.edu.sg/lkcsb_research/5110
https://ink.library.smu.edu.sg/context/lkcsb_research/article/6109/viewcontent/yflim_EJOR2017_complete.pdf
_version_ 1770573218388639744

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