A mathematical programming-based solution method for the nonstationary inventory problem under correlated demand

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dc.check.date2024-04-22
dc.check.infoAccess to this article is restricted until 24 months after publication by request of the publisher.en
dc.contributor.authorXiang, Mengyuan
dc.contributor.authorRossi, Roberto
dc.contributor.authorMartin-Barragan, Belen
dc.contributor.authorTarim, S. Armagan
dc.date.accessioned2022-05-20T15:22:52Z
dc.date.available2022-05-20T15:22:52Z
dc.date.issued2022-04-22
dc.description.abstractThis paper extends the single-item single-stocking location nonstationary stochastic inventory problem to relax the assumption of independent demand. We present a mathematical programming-based solution method built upon an existing piecewise linear approximation strategy under the receding horizon control framework. Our method can be implemented by leveraging off-the-shelf mixed-integer linear programming solvers. It can tackle demand under various assumptions: the multivariate normal distribution, a collection of time-series processes, and the Martingale Model of Forecast Evolution. We compare against exact solutions obtained via stochastic dynamic programming to demonstrate that our method leads to near-optimal plans.en
dc.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationXiang, M., Rossi, R., Martin-Barragan, B. and Tarim, S. A. (2022) 'A mathematical programming-based solution method for the nonstationary inventory problem under correlated demand', European Journal of Operational Research. doi: 10.1016/j.ejor.2022.04.011en
dc.identifier.doi10.1016/j.ejor.2022.04.011en
dc.identifier.issn0377-2217
dc.identifier.journaltitleEuropean Journal of Operational Researchen
dc.identifier.urihttps://hdl.handle.net/10468/13214
dc.language.isoenen
dc.publisherElsevier B.V.en
dc.rights© 2022, Elsevier B.V. All rights reserved. This manuscript version is made available under the CC BY-NC-ND 4.0 license.en
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectInventoryen
dc.subjectCorrelated demanden
dc.subjectStochastic programmingen
dc.subjectMixed integer linear programmingen
dc.subjectMartingale model of forecast evolutionen
dc.titleA mathematical programming-based solution method for the nonstationary inventory problem under correlated demanden
dc.typeArticle (peer-reviewed)en
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