| Titre : |
Application of dynamic programming for finding optimal(s,S) inventory policy |
| Type de document : |
Mémoire |
| Auteurs : |
Son Tung PHAN, Auteur |
| Année de publication : |
2022 |
| Importance : |
23 p. |
| Note générale : |
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| Langues : |
Anglais (eng) |
| Mots-clés : |
Management
CONTROLE ; INVENTAIRE ; PROGRAMMATION DYNAMIQUE
|
| Résumé : |
Two of the most important objectives in supply chain and more specifically in inventory management is to minimize the cost and provide satisfactory level of service to the customers. For companies, inventory management plays the role as a balancer between supply and demand. It is also a buffer against uncertainty in the long and complex supply chain. Fundamental problems in this area are overstocking and understocking.With overstocking, the effects are high-cost storage, obsolete stock and tied-up capital. Thus, there has long been a strong interest to study for effective inventory control system. One of the most widely used inventory control policies is reorder – order-up-to level (s, S) system. In this paper, we attempt to implement dynamic programming algorithm to find optimal values of s, S in order to minimize the total cost of the system. We limit ourselves to the simple settings of single item, single level, single location with zero lead time and stationary stochastic Poisson demand. Stockout policy is considered with backorder allowance and backorder cost. Even though mathematical proof and interesting properties of optimal (s, S) system has been in existence since 1960 (Scarf, 1960), there is not a lot of available code published for this application to our knowledge. The goal of this is to provide valid algorithm code using Python to solve s, S to optimality. |
| Programme : |
MSc Supply Chain Management |
| Permalink : |
https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=564558 |
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Application of dynamic programming for finding optimal(s,S) inventory policy / 2022 
