Accession Number:

AD0650793

Title:

OPTIMAL CONTINUOUS REVIEW POLICIES FOR TWO PRODUCT INVENTORY SYSTEMS WITH JOINT SETUP COSTS.

Descriptive Note:

Technical rept.,

Corporate Author:

COLUMBIA UNIV NEW YORK OPERATIONS RESEARCH GROUP

Personal Author(s):

Report Date:

1966-12-15

Pagination or Media Count:

27.0

Abstract:

Minimum average cost ordering policies for continuously reviewed two product inventory systems with joint setup costs are sought. Disappointingly, the optimal policy, even in a simple symmetric case, is not always simple For some values of cost and demand parameters, a policy that would be difficult to implement is optimal. Markov Renewal Programming is used to find the region in parameter space where a given policy is optimal.

Subject Categories:

  • Administration and Management
  • Economics and Cost Analysis
  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE