An optimal solution for the stochastic version of the Wagner-Whitin dynamic lot-size model Vargas, Vicente

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Author
Vargas, Vicente
Appears In
European Journal of Operational Research
Subjects
Algorithms; Business, general; Business, international
Audience
Academic; Trade
Summary
To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.ejor.2008.09.003 Byline: Vicente Vargas Keywords: Production; Inventory; Optimal policies; Finite horizon; Dynamic programming Abstract: We present an algorithm for determining the optimal solution over the entire planning horizon for the dynamic lot-size model where demand is stochastic and non-stationary. The optimal solution to the deterministic problem is the well-known Wagner-Whitin algorithm. The present work contributes principally to knowledge building and provides a tool for researchers. One potentially useful contribution to practice is the solution to an important special case, where demand follows normal distributions. Other contributions to practice will likely flow from the development of improved heuristics and the improved basis to evaluate heuristic performance. Author Affiliation: School of Business Administration, University of San Diego, 5998 Alcala Park, San Diego, CA 92110, USA Article History: Received 4 May 2007; Accepted 1 September 2008
Bookmark
http://trove.nla.gov.au/work/10040
Work ID
10040

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