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

Simple item page
dc.contributor.authorDural-Selcuk, Gozdem
dc.contributor.authorRossi, Roberto
dc.contributor.authorKilic, Onur A.
dc.contributor.authorTarim, S. Armagan
dc.date.accessioned2019-08-29T09:00:12Z
dc.date.available2019-08-29T09:00:12Z
dc.date.issued2019-07-24
dc.date.updated2019-08-29T08:45:56Z
dc.description.abstractIn 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.description.statusPeer revieweden
dc.description.versionAccepted Versionen
dc.format.mimetypeapplication/pdfen
dc.identifier.citationDural-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.2019.07.007en
dc.identifier.doi10.1016/j.omega.2019.07.007en
dc.identifier.issn0305-0483
dc.identifier.journaltitleOmegaen
dc.identifier.urihttps://hdl.handle.net/10468/8409
dc.language.isoenen
dc.publisherElsevier Ltd.en
dc.relation.urihttp://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.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/en
dc.subjectStochastic lot sizingen
dc.subjectStatic uncertaintyen
dc.subjectDynamic uncertaintyen
dc.subjectStatic-dynamic uncertaintyen
dc.subjectReceding horizon controlen
dc.titleThe benefit of receding horizon control: near-optimal policies for stochastic inventory controlen
dc.typeArticle (peer-reviewed)en
Files
Original bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
OMEGA_2019_232_Revision 1_V0 (002).pdf
Size:
328.33 KB
Format:
Adobe Portable Document Format
Description:
Accepted Version
Download
License bundle
Now showing 1 - 1 of 1
Thumbnail Image
Name:
license.txt
Size:
2.71 KB
Format:
Item-specific license agreed upon to submission
Description:
Download
Collections
Cork University Business School - Journal Articles
Business Information Systems - Journal Articles
Insight Centre for Data Analytics - Journal Articles