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A stochastic inventory problem with piecewise quadratic costs

✍ Scribed by Mahmut Parlar; Ryszarda Rempala

Publisher: Elsevier Science
Year: 1992
Tongue: English
Weight: 453 KB
Volume: 26
Category: Article
ISSN: 0925-5273
DOI: 10.1016/0925-5273(92)90083-j

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✦ Synopsis

In this paper we consider a periodic review inventory problem with stochastic demand. The deviations from ideal order and inventory levels are penalized using a quadratic cost structure which includes a "cost-free" interval. If the order quantity or the inventory level is within the desired "cost-free" interval, no cost is incurred. It is assumed that the order cost is a linear function of the order quantity. We derive an optimal order-up-to policy which is similar to the classical (s,S) policy except that the quantity S is now a nonlinear function of the entering inventory level.

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