A Fully Polynomial-Time Approximation Scheme for Single-Item Stochastic Inventory Control with Discrete Demand

Authors:
Nir Halman;Diego Klabjan;Mohamed Mostagir;Jim Orlin;David Simchi-Levi
Affiliations:
Department of Civil and Environmental Engineering, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139, and School of Business Administration, Hebrew University of Jerusalem, Mou ...;Department of Industrial and Management Sciences, Northwestern University, Evanston, Illinois 60208;Division of Humanities and Social Sciences, California Institute of Technology, Pasadena, California 91125;Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;Department of Civil and Environmental Engineering, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139
Venue:
Mathematics of Operations Research
Year:
2009

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Abstract

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.