A fully polynomial-time approximation scheme for single-item stochastic inventory control with discrete demand

Nir Halman; Diego Klabjan; Mohamed Mostagir; Jim Orlin; David Simchi-Levi

doi:10.1287/moor.1090.0391

A fully polynomial-time approximation scheme for single-item stochastic inventory control with discrete demand

Nir Halman
, Diego Klabjan
, Mohamed Mostagir
, Jim Orlin
, David Simchi-Levi

Massachusetts Institute of Technology
Hebrew University of Jerusalem
Northwestern University
California Institute of Technology

Research output: Contribution to journal › Article › peer-review

58 Scopus citations

Abstract

The single-item stochastic inventory control problem is to find an inventory replenishment policy in the presence of independent discrete stochastic demands under periodic review and finite time horizon. In this paper, we prove that this problem is intractable and design for it a fully polynomial-time approximation scheme.

Original language	English
Pages (from-to)	674-685
Number of pages	12
Journal	Mathematics of Operations Research
Volume	34
Issue number	3
DOIs	https://doi.org/10.1287/moor.1090.0391
State	Published - Aug 2009
Externally published	Yes

Keywords

Approximation algorithms
Stochastic dynamic programming
Stochastic inventory management

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10.1287/moor.1090.0391

Cite this

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abstract = "The single-item stochastic inventory control problem is to find an inventory replenishment policy in the presence of independent discrete stochastic demands under periodic review and finite time horizon. In this paper, we prove that this problem is intractable and design for it a fully polynomial-time approximation scheme.",

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A fully polynomial-time approximation scheme for single-item stochastic inventory control with discrete demand

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Keywords

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