Please use this identifier to cite or link to this item: https://doi.org/10.1016/S0377-2217(03)00399-0
Title: A periodic-review inventory model with application to the continuous-review obsolescence problem
Authors: Song, Y.
Lau, H.C. 
Keywords: Continuous-review
Inventory model
Periodic-review
Sudden obsolescence
Issue Date: 2004
Source: 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
URI: http://scholarbank.nus.edu.sg/handle/10635/42328
ISSN: 03772217
DOI: 10.1016/S0377-2217(03)00399-0
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