The Benefit of Receding Horizon Control: Near-Optimal Policies for Stochastic Inventory Control
| dc.contributor.author | Dural-Selcuk, Gozdem | |
| dc.contributor.author | Rossi, Roberto | |
| dc.contributor.author | Kilic, Onur A. | |
| dc.contributor.author | Tarim, S. Armagan | |
| dc.date.accessioned | 2024-07-05T15:39:14Z | |
| dc.date.available | 2024-07-05T15:39:14Z | |
| dc.date.issued | 2020 | |
| dc.description | Rossi, Roberto/0000-0001-7247-1010; Dural, Gozdem/0000-0002-9909-2720; Tarim, S. Armagan/0000-0001-5601-3968; Kilic, Onur/0000-0003-2136-8157 | en_US |
| dc.description.abstract | In this paper we address the single-item, single-stocking point, non-stationary stochastic lot-sizing problem under backorder costs. It is well known that the (s, S) policy provides the optimal control for such inventory systems. However the computational difficulties and the nervousness inherent in (s, S) paved the way for the development of various near-optimal inventory control policies. We provide a systematic comparison of these policies and present their expected cost performances. We further show that when these policies are used in a receding horizon framework the cost performances improve considerably and differences among policies become insignificant. (C) 2019 Elsevier Ltd. All rights reserved. | en_US |
| dc.identifier.doi | 10.1016/j.omega.2019.07.007 | |
| dc.identifier.issn | 0305-0483 | |
| dc.identifier.scopus | 2-s2.0-85069895713 | |
| dc.identifier.uri | https://doi.org/10.1016/j.omega.2019.07.007 | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14411/3200 | |
| dc.language.iso | en | en_US |
| dc.publisher | Pergamon-elsevier Science Ltd | en_US |
| dc.relation.ispartof | Omega | |
| dc.rights | info:eu-repo/semantics/openAccess | en_US |
| dc.subject | Stochastic lot sizing | en_US |
| dc.subject | Static uncertainty | en_US |
| dc.subject | Dynamic uncertainty | en_US |
| dc.subject | Static-dynamic uncertainty | en_US |
| dc.subject | Receding horizon control | en_US |
| dc.title | The Benefit of Receding Horizon Control: Near-Optimal Policies for Stochastic Inventory Control | en_US |
| dc.type | Article | en_US |
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| gdc.author.id | Rossi, Roberto/0000-0001-7247-1010 | |
| gdc.author.id | Dural, Gozdem/0000-0002-9909-2720 | |
| gdc.author.id | Tarim, S. Armagan/0000-0001-5601-3968 | |
| gdc.author.id | Kilic, Onur/0000-0003-2136-8157 | |
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| gdc.author.wosid | Rossi, Roberto/B-4397-2010 | |
| gdc.author.wosid | Tarim, S. Armagan/B-4414-2010 | |
| gdc.author.wosid | Kilic, Onur A/B-7309-2011 | |
| gdc.author.wosid | Dural, Gozdem/ABD-7435-2021 | |
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| gdc.description.department | Atılım University | en_US |
| gdc.description.departmenttemp | [Dural-Selcuk, Gozdem] Atilim Univ, Ind Engn, Ankara, Turkey; [Rossi, Roberto] Univ Edinburgh, Sch Business, Edinburgh, Midlothian, Scotland; [Kilic, Onur A.] Univ Groningen, Fac Econ & Business, Groningen, Netherlands; [Tarim, S. Armagan] Univ Coll Cork, Cork Univ Business Sch, Cork, Ireland | en_US |
| gdc.description.publicationcategory | Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı | en_US |
| gdc.description.startpage | 102091 | |
| gdc.description.volume | 97 | en_US |
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| gdc.oaire.keywords | static uncertainty | |
| gdc.oaire.keywords | static-dynamic uncertainty | |
| gdc.oaire.keywords | receding horizon control | |
| gdc.oaire.keywords | DEMAND | |
| gdc.oaire.keywords | INSTABILITY | |
| gdc.oaire.keywords | COST | |
| gdc.oaire.keywords | UNCERTAINTY | |
| gdc.oaire.keywords | Stochastic lot sizing | |
| gdc.oaire.keywords | CONSTRAINT | |
| gdc.oaire.keywords | stochastic lot sizing | |
| gdc.oaire.keywords | Receding horizon control | |
| gdc.oaire.keywords | Static uncertainty | |
| gdc.oaire.keywords | dynamic uncertainty | |
| gdc.oaire.keywords | LOT-SIZING PROBLEM | |
| gdc.oaire.keywords | SYSTEMS | |
| gdc.oaire.keywords | Dynamic uncertainty | |
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| gdc.virtual.author | Selçuk, Gözdem Dural | |
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