Near-optimal modified base stock policies for the capacitated inventory problem with stochastic demand and fixed cost
dc.contributor.author | Özener, Okan Örsan | |
dc.contributor.author | Güllü, R. | |
dc.contributor.author | Erkip, N. | |
dc.date.accessioned | 2014-12-23T08:53:32Z | |
dc.date.available | 2014-12-23T08:53:32Z | |
dc.date.issued | 2014-06 | |
dc.identifier.issn | 1793-7019 | |
dc.identifier.uri | http://www.worldscientific.com/doi/abs/10.1142/S0217595914500195 | |
dc.identifier.uri | http://hdl.handle.net/10679/782 | |
dc.description | Due to copyright restrictions, the access to the full text of this article is only available via subscription. | en_US |
dc.description.abstract | In 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.language.iso | eng | en_US |
dc.publisher | World Scientific Publishing | en_US |
dc.relation.ispartof | Asia-Pacific Journal of Operational Research | |
dc.rights | restrictedAccess | |
dc.title | Near-optimal modified base stock policies for the capacitated inventory problem with stochastic demand and fixed cost | en_US |
dc.type | Article | en_US |
dc.peerreviewed | yes | en_US |
dc.publicationstatus | published | en_US |
dc.contributor.department | Özyeğin University | |
dc.contributor.authorID | (ORCID 0000-0002-9291-1877 & YÖK ID 21945) Özener, Örsan | |
dc.contributor.ozuauthor | Özener, Okan Örsan | |
dc.identifier.volume | 31 | |
dc.identifier.issue | 3 | |
dc.identifier.wos | WOS:000337798900009 | |
dc.identifier.doi | 10.1142/S0217595914500195 | |
dc.subject.keywords | Inventory | en_US |
dc.subject.keywords | Stochastic processes | en_US |
dc.subject.keywords | Capacity restriction | en_US |
dc.subject.keywords | Fixed ordering cost | en_US |
dc.identifier.scopus | SCOPUS:2-s2.0-84902544542 | |
dc.contributor.authorMale | 1 | |
dc.relation.publicationcategory | Article - International Refereed Journal - Institutional Academic Staff |
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