Inventory control in a fluctuating demand environment
Operations Research
A Single-Item Inventory Model for a Nonstationary Demand Process
Manufacturing & Service Operations Management
Manufacturing & Service Operations Management
Adaptive Inventory Control for Nonstationary Demand and Partial Information
Management Science
Analysis of a Forecasting-Production-Inventory System with Stationary Demand
Management Science
The Effect of Collaborative Forecasting on Supply Chain Performance
Management Science
Integrating Replenishment Decisions with Advance Demand Information
Management Science
The Value of Information Sharing in a Two-Level Supply Chain
Management Science
A Time-Series Framework for Supply-Chain Inventory Management
Operations Research
Approximate Solutions of a Dynamic Forecast-Inventory Model
Manufacturing & Service Operations Management
Approximation algorithms for stochastic inventory control models
IPCO'05 Proceedings of the 11th international conference on Integer Programming and Combinatorial Optimization
Robust Approximation to Multiperiod Inventory Management
Operations Research
How Much Demand Should Be Fulfilled?
Operations Research
Competition and Cooperation in a Two-Stage Supply Chain with Demand Forecasts
Operations Research
Approximation algorithms for stochastic inventory control models
IPCO'05 Proceedings of the 11th international conference on Integer Programming and Combinatorial Optimization
A Multiordering Newsvendor Model with Dynamic Forecast Evolution
Manufacturing & Service Operations Management
Multiresource Allocation Scheduling in Dynamic Environments
Manufacturing & Service Operations Management
Hi-index | 0.00 |
We consider a finite-horizon, periodic-review inventory model with demand forecasting updates following the martingale model of forecast evolution (MMFE). The optimal policy is a state-dependent base-stock policy, which, however, is computationally intractable to obtain. We develop tractable bounds on the optimal base-stock levels and use them to devise a general class of heuristic solutions. Through this analysis, we identify a necessary and sufficient condition for the myopic policy to be optimal. Finally, to assess the effectiveness of the heuristic policies, we develop upper bounds on their value loss relative to optimal cost. These solution bounds and cost error bounds also work for general dynamic inventory models with nonstationary and autocorrelated demands. Numerical results are presented to illustrate the results.