KMS Of Academy of mathematics and systems sciences, CAS
Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic | |
Bu, Jinzhi1; Gong, Xiting2; Yao, Dacheng3 | |
2020-07-01 | |
发表期刊 | OPERATIONS RESEARCH |
ISSN | 0030-364X |
卷号 | 68期号:4页码:1063-1073 |
摘要 | We consider an infinite-horizon lost-sales inventory model where the supply takes positive lead times and is a random function of the order quantity (e.g., random yield/capacity). The optimal policy for this model is computationally intractable, and no heuristic has been proposed in the literature. In this paper, we focus on a simple class of constant-order policies (COPs) that place the same order in every period regardless of the system state. Under some assumptions on the random supply function, we prove that the best COP is asymptotically optimal with large lead times, and the optimality gap converges to zero exponentially fast in the lead time. We also prove that if the mean supply capacity is less than the mean demand, then the best COP is also asymptotically optimal with large penalty costs; otherwise, the long-run average cost of the best COP asymptotically increases at the rate of the square root of the penalty cost. Further, we construct a simple heuristic COP and show that it performs very close to the best COP. Finally, we provide a numerical study to derive further insights into the performance of the best COP. |
关键词 | inventory lost sales random supply function constant-order policy lead time penalty cost |
DOI | 10.1287/opre.2019.1971 |
收录类别 | SCI |
语种 | 英语 |
资助项目 | Chinese University of Hong Kong (CUHK) Direct Grant[4057117] ; Hong Kong Research Grants Council (RGC) General Research Fund[CUHK14200718] ; Hong Kong Research Grants Council (RGC) General Research Fund[CUHK14500215] ; National Natural Science Foundation of China[11771432] ; National Natural Science Foundation of China[11401566] |
WOS研究方向 | Business & Economics ; Operations Research & Management Science |
WOS类目 | Management ; Operations Research & Management Science |
WOS记录号 | WOS:000556374400007 |
出版者 | INFORMS |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://ir.amss.ac.cn/handle/2S8OKBNM/51947 |
专题 | 应用数学研究所 |
通讯作者 | Gong, Xiting |
作者单位 | 1.MIT, Inst Data Syst & Soc, 77 Massachusetts Ave, Cambridge, MA 02139 USA 2.Chinese Univ Hong Kong, CUHK Business Sch, Dept Decis Sci & Managerial Econ, Shatin, Hong Kong, Peoples R China 3.Chinese Acad Sci, Acad Math & Syst Sci, Inst Appl Math, Beijing 100190, Peoples R China |
推荐引用方式 GB/T 7714 | Bu, Jinzhi,Gong, Xiting,Yao, Dacheng. Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic[J]. OPERATIONS RESEARCH,2020,68(4):1063-1073. |
APA | Bu, Jinzhi,Gong, Xiting,&Yao, Dacheng.(2020).Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic.OPERATIONS RESEARCH,68(4),1063-1073. |
MLA | Bu, Jinzhi,et al."Technical Note-Constant-Order Policies for Lost-Sales Inventory Models with Random Supply Functions: Asymptotics and Heuristic".OPERATIONS RESEARCH 68.4(2020):1063-1073. |
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