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Approximate Order Policies

In: Perishable Inventory Systems

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  • Steven Nahmias

    (Santa Clara University)

Abstract

Because optimal policies require the solution of an m – 1 dimensional dynamic program, finding optimal policies is feasible only for moderately small values of m. For that reason, approximate policies are of particular interest. The first issue to be addressed when trying to find approximations is the form of the approximate policy. When perishability is not present, we know that an optimal policy is a function of the total inventory on hand. A reasonable starting point is to restrict attention to policies that are only a function of the total starting stock in any period, independent of the age distribution of stock. (As we see, this approach has pitfalls as well.)

Suggested Citation

  • Steven Nahmias, 2011. "Approximate Order Policies," International Series in Operations Research & Management Science, in: Perishable Inventory Systems, edition 1, chapter 0, pages 33-40, Springer.
    • Handle: RePEc:spr:isochp:978-1-4419-7999-5_5
    DOI: 10.1007/978-1-4419-7999-5_5
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