Computing Near-Optimal Policies in Generalized Joint Replenishment
INFORMS Journal on Computing · 2012 · Volume 24 · Issue 1
Abstract
We provide a practical methodology for solving the generalized joint replenishment (GJR) problem, based on a mathematical programming approach to approximate dynamic programming. We show how to automatically generate a value function approximation basis built upon piecewise-linear ridge functions by developing and exploiting a theoretical connection with the problem of finding optimal cyclic schedules. We provide a variant of the algorithm that is effective in practice, and we exploit the special structure of the GJR problem to provide a coherent, implementable framework.
Keywords
approximate dynamic programming, piecewise-linear ridge functions, generalized joint replenishment
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