Cost-based filtering for stochastic inventory control

Authors:
S. Armagan Tarim;Brahim Hnich;Roberto Rossi;Steven Prestwich
Affiliations:
Department of Management, Hacettepe University, Turkey;Faculty of Computer Science, Izmir University of Economics, Turkey;Cork Constraint Computation Centre, University College, Cork, Ireland;Cork Constraint Computation Centre, University College, Cork, Ireland
Venue:
CSCLP'06 Proceedings of the constraint solving and contraint logic programming 11th annual ERCIM international conference on Recent advances in constraints
Year:
2006

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Abstract

An interesting class of production/inventory control problems considers a single product and a single stocking location, given a stochastic demand with a known non-stationary probability distribution. 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 a cost-based filtering method. Our algorithm can solve to optimality instances of realistic size much more efficiently than previous approaches, often with no search effort at all.