optimal multiperiod inventory decisions with partially observed markovian supply information
DESCRIPTION
Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information. Haifeng Wang CFINS, Dept. of Automation, Tsinghua University, Beijing, China Houmin Yan Dept. of SEEM, the Chinese University of Hong Kong. - PowerPoint PPT PresentationTRANSCRIPT
Optimal Multiperiod Inventory Decisions with Partially Observed Markovian Supply Information
• A new model for supply capacity forecast based on partial supply information:
• if the ordering quantity is greater than the current period supply capacity, the buyer observes the value of the current period supply capacity
• otherwise, the buyer knows that the current period supply capacity is greater than its ordering quantity.
• Optimal inventory policy• Existence• Uniqueness
Haifeng Wang CFINS, Dept. of Automation, Tsinghua University, Beijing, China
Houmin Yan Dept. of SEEM, the Chinese University of Hong Kong
Demand forecast
Supply forecast
Inventory control
Maintain a high customer-service rate without holding too much leftover inventory
How to use censored historical data on supply
capacity?