A Capacitated Production-Inventory Model with Periodic Demand
Roman Kapuściński, Sridhar Tayur
Operations Research · 1998 · Volume 46 · Issue 6
Abstract
For a single product, single-stage capacitated production-inventory model with stochastic, periodic (cyclic) demand, we find the optimal policy and characterize some of its properties. We study the finite-horizon, the discounted infinite-horizon and the infinite-horizon average cases. A simulation based optimization method is provided to compute the optimal parameters. Based on a numerical study, several insights into the model are also provided.
Keywords
Inventory/production, stochastic, optimal policies, nonstationary, Simulation, infinitesimal perturbation analysis, Dynamic programming, Markov
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