The benefit of receding horizon control: near-optimal policies for stochastic inventory control

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dc.contributor.author Dural-Selcuk, Gozdem
dc.contributor.author Rossi, Roberto
dc.contributor.author Kilic, Onur A.
dc.contributor.author Tarim, S. Armagan
dc.date.accessioned 2019-08-29T09:00:12Z
dc.date.available 2019-08-29T09:00:12Z
dc.date.issued 2019-07-24
dc.identifier.citation Dural-Selcuk, G., Rossi, R., Kilic, O. A. and Tarim, S. A. (2019) 'The benefit of receding horizon control: near-optimal policies for stochastic inventory control', Omega. doi: 10.1016/j.omega.2019.07.007 en
dc.identifier.issn 0305-0483
dc.identifier.uri http://hdl.handle.net/10468/8409
dc.identifier.doi 10.1016/j.omega.2019.07.007 en
dc.description.abstract In this paper we address the single-item, single-stocking point, non-stationary stochastic lot-sizing problem under backorder costs. It is well known that the (s, S) policy provides the optimal control for such inventory systems. However the computational difficulties and the nervousness inherent in (s, S) paved the way for the development of various near-optimal inventory control policies. We provide a systematic comparison of these policies and present their expected cost performances. We further show that when these policies are used in a receding horizon framework the cost performances improve considerably and differences among policies become insignificant. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Elsevier Ltd. en
dc.relation.uri http://www.sciencedirect.com/science/article/pii/S0305048319302440
dc.rights © 2019, Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. en
dc.rights.uri https://creativecommons.org/licenses/by-nc-nd/4.0/ en
dc.subject Stochastic lot sizing en
dc.subject Static uncertainty en
dc.subject Dynamic uncertainty en
dc.subject Static-dynamic uncertainty en
dc.subject Receding horizon control en
dc.title The benefit of receding horizon control: near-optimal policies for stochastic inventory control en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother S. Armagan Tarim, Business Information Systems, University College Cork, Cork, Ireland. +353-21-490-3000 Email: armagan.tarim@ucc.ie en
dc.internal.availability Full text available en
dc.check.info Access to this article is restricted until 24 months after publication by request of the publisher. en
dc.check.date 2021-07-24
dc.date.updated 2019-08-29T08:45:56Z
dc.description.version Accepted Version en
dc.internal.rssid 498182432
dc.description.status Peer reviewed en
dc.identifier.journaltitle Omega en
dc.internal.copyrightchecked Yes
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress armagan.tarim@ucc.ie en
dc.internal.bibliocheck In press. Check vol / issue / page range. Amend citation as necessary. en


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© 2019, Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence. Except where otherwise noted, this item's license is described as © 2019, Elsevier Ltd. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 licence.
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