OPTIMAL CONTINUOUS REVIEW POLICIES FOR TWO PRODUCT INVENTORY SYSTEMS WITH JOINT SETUP COSTS.

Abstract

Minimum average cost ordering policies for continuously reviewed two product inventory systems with joint setup costs are sought. Disappointingly, the optimal policy, even in a simple symmetric case, is not always simple: For some values of cost and demand parameters, a policy that would be difficult to implement is optimal. Markov Renewal Programming is used to find the region in parameter space where a given policy is optimal.

Document Details

Document Type
Technical Report
Publication Date
Dec 15, 1966
Accession Number
AD0650793

Entities

People

  • Edward Ignall

Organizations

  • Columbia University

Tags

DTIC Thesaurus Topics

  • Computer Programming
  • Computing-Related Activities
  • Inventory

Readers

  • Logistics and Supply Chain Management.
  • Mathematical Modeling and Probability Theory.
  • Theoretical Analysis.

Technology Areas

  • Space
  • Space - Spacecraft Maneuvers