Publication:
Optimal policies for inventory systems with finite capacity and partially observed Markov-modulated demand and supply processes

dc.contributor.departmentDepartment of Industrial Engineering
dc.contributor.departmentGraduate School of Sciences and Engineering
dc.contributor.kuauthorArifoğlu, Kenan
dc.contributor.kuauthorÖzekici, Süleyman
dc.contributor.schoolcollegeinstituteCollege of Engineering
dc.contributor.schoolcollegeinstituteGRADUATE SCHOOL OF SCIENCES AND ENGINEERING
dc.date.accessioned2024-11-09T23:19:26Z
dc.date.issued2010
dc.description.abstractWe analyze a single-item periodic-review inventory system with random yield and finite capacity operating in a random environment. The primary objective is to extend the model of Gallego and Hu (2004) to the more general case when the environment is only partially observable. Although our analysis is specific to inventory systems, it can also be applied to production systems by replacing the fixed capacity supplier with a fixed capacity producer. Using sufficient statistics, we consider single-period, multiple-period and infinite-period problems to show that a state-dependent modified inflated base-stock policy is optimal. Moreover, we show that the multiple-period cost converges to the infinite-period cost as the length of the planning horizon increases. (C) 2009 Elsevier B.V. All rights reserved.
dc.description.indexedbyWOS
dc.description.indexedbyScopus
dc.description.issue3
dc.description.openaccessNO
dc.description.publisherscopeInternational
dc.description.sponsoredbyTubitakEuN/A
dc.description.volume204
dc.identifier.doi10.1016/j.ejor.2009.10.029
dc.identifier.eissn1872-6860
dc.identifier.issn0377-2217
dc.identifier.quartileQ1
dc.identifier.scopus2-s2.0-75149186838
dc.identifier.urihttps://doi.org/10.1016/j.ejor.2009.10.029
dc.identifier.urihttps://hdl.handle.net/20.500.14288/10552
dc.identifier.wos275241100005
dc.keywordsRandom yield
dc.keywordsFixed capacity
dc.keywordsRandom environment
dc.keywordsModified inflated base-stock policy
dc.keywordsDynamic programming
dc.keywordsSufficient statistics
dc.keywordsPomdp limited production capacity
dc.keywordsRandom yield
dc.keywordsRandom environment
dc.keywordsUncertain demands
dc.keywordsCost criterion
dc.keywordsModels
dc.keywordsInformation
dc.language.isoeng
dc.publisherElsevier Science Bv
dc.relation.ispartofEuropean Journal Of Operational Research
dc.subjectManagement
dc.subjectOperations research
dc.subjectManagement science
dc.titleOptimal policies for inventory systems with finite capacity and partially observed Markov-modulated demand and supply processes
dc.typeJournal Article
dspace.entity.typePublication
local.contributor.kuauthorArifoğlu, Kenan
local.contributor.kuauthorÖzekici, Süleyman
local.publication.orgunit1GRADUATE SCHOOL OF SCIENCES AND ENGINEERING
local.publication.orgunit1College of Engineering
local.publication.orgunit2Department of Industrial Engineering
local.publication.orgunit2Graduate School of Sciences and Engineering
relation.isOrgUnitOfPublicationd6d00f52-d22d-4653-99e7-863efcd47b4a
relation.isOrgUnitOfPublication3fc31c89-e803-4eb1-af6b-6258bc42c3d8
relation.isOrgUnitOfPublication.latestForDiscoveryd6d00f52-d22d-4653-99e7-863efcd47b4a
relation.isParentOrgUnitOfPublication8e756b23-2d4a-4ce8-b1b3-62c794a8c164
relation.isParentOrgUnitOfPublication434c9663-2b11-4e66-9399-c863e2ebae43
relation.isParentOrgUnitOfPublication.latestForDiscovery8e756b23-2d4a-4ce8-b1b3-62c794a8c164

Files