Near-optimal modified base stock policies for the capacitated inventory problem with stochastic demand and fixed cost

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dc.citation.issueNumber3en_US
dc.citation.volumeNumber31en_US
dc.contributor.authorÖzener, O. Ö.en_US
dc.contributor.authorGüllü, R.en_US
dc.contributor.authorErkip, N.en_US
dc.date.accessioned2016-02-08T11:00:14Z
dc.date.available2016-02-08T11:00:14Z
dc.date.issued2014en_US
dc.departmentDepartment of Industrial Engineeringen_US
dc.description.abstractIn this study, we investigate a single-item, periodic-review inventory problem where the production capacity is limited and unmet demand is backordered. We assume that customer demand in each period is a stationary, discrete random variable. Linear holding and backorder cost are charged per unit at the end of a period. In addition to the variable cost charged per unit ordered, a positive fixed ordering cost is incurred with each order given. The optimization criterion is the minimization of the expected cost per period over a planning horizon. We investigate the infinite horizon problem by modeling the problem as a discrete-time Markov chain. We propose a heuristic for the problem based on a particular solution of this stationary model, and conduct a computational study on a set of instances, providing insight on the performance of the heuristic.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T11:00:14Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2014en
dc.identifier.doi10.1142/S0217595914500195en_US
dc.identifier.eissn1793-7019
dc.identifier.issn0217-5959
dc.identifier.urihttp://hdl.handle.net/11693/26467
dc.language.isoEnglishen_US
dc.publisherWorld Scientific Publishingen_US
dc.relation.isversionofhttps://doi.org/10.1142/S0217595914500195en_US
dc.source.titleAsia-Pacific Journal of Operational Researchen_US
dc.subjectCost accountingen_US
dc.subjectMarkov processesen_US
dc.subjectRandom processesen_US
dc.subjectCapacity restrictionen_US
dc.subjectComputational studiesen_US
dc.subjectDiscrete random variablesen_US
dc.subjectDiscrete time Markov chainsen_US
dc.subjectFixed ordering costsen_US
dc.subjectInfinite horizon problemsen_US
dc.subjectInventoryen_US
dc.subjectOptimization criteriaen_US
dc.subjectCostsen_US
dc.titleNear-optimal modified base stock policies for the capacitated inventory problem with stochastic demand and fixed costen_US
dc.typeArticleen_US

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