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|Title:||A periodic-review inventory model with application to the continuous-review obsolescence problem|
|Citation:||Song, Y., Lau, H.C. (2004). A periodic-review inventory model with application to the continuous-review obsolescence problem. European Journal of Operational Research 159 (1) : 110-120. ScholarBank@NUS Repository. https://doi.org/10.1016/S0377-2217(03)00399-0|
|Abstract:||In this paper we consider a stochastic-demand periodic-review inventory model with sudden obsolescence. We characterize the structure of the optimal policy and propose a dynamic programming algorithm for computing its parameters. We then utilize this algorithm to approximate the solution to the continuous-review sudden obsolescence problem with general obsolescence distribution. We prove convergence of our approximation scheme, and demonstrate it numerically against known closed-form solutions of special cases. © 2003 Elsevier B.V. All rights reserved.|
|Source Title:||European Journal of Operational Research|
|Appears in Collections:||Staff Publications|
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