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On the optimality of (z, Z)-order-policies in adaptive inventory control

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Summary

We consider a discrete review single product inventory model in which the distribution of demand is estimated in each period according to the estimate of the last period and the demand observed there. We are interested in the optimality of a (z (t),Z (t))-order-policy behaving as a well-known (s, S)-order-policy from inventory control under risk for fixed estimatet.

Zusammenfassung

Es wird ein zu diskreten Zeitpunkten inspiziertes Ein-Produkt-Lagerhaltungsmodell betrachtet, bei dem die Nachfrageverteilung in jeder Periode geschätzt wird aufgrund des Schätzers der vorangehenden Periode und der dort beobachteten Nachfrage. Es werden hinreichende Bedingungen für die Optimalität einer (z (t),Z (t))-Bestellpolitik gegeben, die sich bei Vorgabe des Schätzerst wie eine von den Lagerhaltungsmodellen unter Risiko her bekannte (s, S)-Bestellpolitik verhält.

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  1. Fachbereich Mathematik, TH Darmstadt, Schloßgartenstraße 7, D-6100, Darmstadt

    K. -H. Waldmann

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  1. K. -H. Waldmann
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Waldmann, K.H. On the optimality of (z, Z)-order-policies in adaptive inventory control. Zeitschrift für Operations Research 24, 61–67 (1980). https://doi.org/10.1007/BF01920272

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  • DOI: https://doi.org/10.1007/BF01920272

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