Cost-Based Filtering Techniques for Stochastic Inventory Control Under Service Level Constraints

Authors:
S. Armagan Tarim;Brahim Hnich;Roberto Rossi;Steven Prestwich
Affiliations:
Department of Management, Hacettepe University, Ankara, Turkey;Faculty of Computer Science, Izmir University of Economics, Izmir, Turkey;Cork Constraint Computation Centre, University College, Cork, Ireland and Centre for Telecommunication Value--Chain Driven Research, Dublin, Ireland;Cork Constraint Computation Centre, University College, Cork, Ireland
Venue:
Constraints
Year:
2009

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Abstract

This paper1 considers a single product and a single stocking location production/inventory control problem given a non-stationary stochastic demand. Under a widely-used control policy for this type of inventory system, the objective is to find the optimal number of replenishments, their timings and their respective order-up-to-levels that meet customer demands to a required service level. We extend a known CP approach for this problem using three cost-based filtering methods. Our approach can solve to optimality instances of realistic size much more efficiently than previous approaches, often with no search effort at all.