Time Series Analysis: Forecasting and Control
Time Series Analysis: Forecasting and Control
A Single-Item Inventory Model for a Nonstationary Demand Process
Manufacturing & Service Operations Management
The Value of Information Sharing in a Two-Level Supply Chain
Management Science
A Time-Series Framework for Supply-Chain Inventory Management
Operations Research
Management Science
A Decentralized Scheduling Policy for a Dynamically Reconfigurable Production System
HoloMAS '09 Proceedings of the 4th International Conference on Industrial Applications of Holonic and Multi-Agent Systems: Holonic and Multi-Agent Systems for Manufacturing
A distributed multi-agent production planning and scheduling framework for mobile robots
Computers and Industrial Engineering
Hi-index | 22.14 |
A 'proportional' order-up-to policy reacting to ARMA demand is analyzed using stochastic optimal control theory. This policy is compared with a full-state-feedback order-up-to policy. Necessary conditions for an optimum of a weighted sum of the inventory and the ordering variances for both policies are formulated. Based on this a relatively simple expression for the 'full-state' policy is derived. The comparison between the two policies demonstrates that the 'intuitively' designed proportional policy does not fulfill the objective of controlling both the inventory and ordering variance for all parameter values of the demand model as well as the full-state-feedback policy. The full-state-feedback policy outperforms the proportional policy in several aspects.