Echelon-stock (R,nT) control in two-stage serial stochastic inventory systems

Authors:
Keli Feng;Uday S. Rao
Affiliations:
College of Business, St. Cloud State University, St. Cloud, Minnesota 56301, USA;College of Business, University of Cincinnati, Cincinnati, OH 45244, USA
Venue:
Operations Research Letters
Year:
2007

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Abstract

For the two-stage (R,nT) policy, we present an algorithm to estimate expected costs, given (R,nT), and to compute near-optimal (R,nT) values. We illustrate that the (R,nT) policy is cost-effective compared to an (r,nQ) policy and to lower bounds on minimum achievable costs. We explore the impact of parameters on costs.