DC Field | Value | Language |
---|---|---|
dc.contributor.author | Bijvank, Marco | ko |
dc.contributor.author | Huh, Woonghee Tim | ko |
dc.contributor.author | Janakiraman, Ganesh | ko |
dc.contributor.author | Kang, Wan-Mo | ko |
dc.date.accessioned | 2015-03-27T08:04:07Z | - |
dc.date.available | 2015-03-27T08:04:07Z | - |
dc.date.created | 2014-11-18 | - |
dc.date.created | 2014-11-18 | - |
dc.date.created | 2014-11-18 | - |
dc.date.issued | 2014-09 | - |
dc.identifier.citation | OPERATIONS RESEARCH, v.62, no.5, pp.1040 - 1047 | - |
dc.identifier.issn | 0030-364X | - |
dc.identifier.uri | http://hdl.handle.net/10203/194536 | - |
dc.description.abstract | We study an inventory system under periodic review when excess demand is lost. It is known (Huh et al. 2009) that the best base-stock policy is asymptotically optimal as the lost-sales penalty cost parameter grows. We now show that this result is robust in the following sense: Consider the base-stock level which is optimal in a backordering system (with a per-unit-per-period backordering cost) in which the backorder cost parameter is a function of the lost-sales parameter in the original system. Then there is a large family of functions (mapping the lost-sales cost parameter to the backorder cost parameter) such that the resulting base-stock policy is asymptotically optimal. We also demonstrate the robustness phenomenon through a second result. We consider the base-stock level which is optimal in a backordering system in which a unit of backorder is charged a penalty cost only once (such a system has been studied by Rosling). We show that this base-stock policy is also asymptotically optimal. Furthermore, we show that a modification suggested by Archibald of this base-stock level also results in an asymptotically optimal policy. Finally, we numerically test the performance of this heuristic policy for a wide spectrum of values for the lost-sales penalty cost parameter and illustrate the superior performance of Archibald's method. | - |
dc.language | English | - |
dc.publisher | INFORMS | - |
dc.title | Robustness of Order-Up-to Policies in Lost-Sales Inventory Systems | - |
dc.type | Article | - |
dc.identifier.wosid | 000343249800005 | - |
dc.identifier.scopusid | 2-s2.0-84908290573 | - |
dc.type.rims | ART | - |
dc.citation.volume | 62 | - |
dc.citation.issue | 5 | - |
dc.citation.beginningpage | 1040 | - |
dc.citation.endingpage | 1047 | - |
dc.citation.publicationname | OPERATIONS RESEARCH | - |
dc.identifier.doi | 10.1287/opre.2014.1298 | - |
dc.contributor.localauthor | Kang, Wan-Mo | - |
dc.contributor.nonIdAuthor | Bijvank, Marco | - |
dc.contributor.nonIdAuthor | Huh, Woonghee Tim | - |
dc.contributor.nonIdAuthor | Janakiraman, Ganesh | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordPlus | COSTS | - |
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