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An Approximate Dynamic Programming Approach for Computing Base Stock Levels

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Hong-zhi He

    (Luoyang Institute of Science and Technology)

Abstract

This paper studies the classical model for stochastic inventory control, i.e. a finite horizon periodic review model without setup costs. A base-stock policy is well known to be optimal for such systems. The author gives a new heuristic computation procedure for calculating the base-stock levels. The idea is based on approximate dynamic programming. A numerical example is provided to serve as an illustration.

Suggested Citation

  • Hong-zhi He, 2013. "An Approximate Dynamic Programming Approach for Computing Base Stock Levels," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 749-757, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-38391-5_79
    DOI: 10.1007/978-3-642-38391-5_79
    as

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