Dynamic Programming Approximations for a Stochastic Inventory Routing Problem
This work is motivated by the need to solve the inventory routing problem when implementing a business practice called vendor managed inventory replenishment (VMI). With VMI, vendors monitor their customers' inventories and decide when and how much inventory should be replenished at each custom...
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| Veröffentlicht in: | Transportation science 2004-02, Vol.38 (1), p.42-70 |
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| creator | Kleywegt, Anton J Nori, Vijay S Savelsbergh, Martin W. P |
| description | This work is motivated by the need to solve the inventory routing problem when implementing a business practice called vendor managed inventory replenishment (VMI). With VMI, vendors monitor their customers' inventories and decide when and how much inventory should be replenished at each customer. The inventory routing problem attempts to coordinate inventory replenishment and transportation in such a way that the cost is minimized over the long run. We formulate a Markov decision process model of the stochastic inventory routing problem and propose approximation methods to find good solutions with reasonable computational effort. We indicate how the proposed approach can be used for other Markov decision processes involving the control of multiple resources. |
| doi_str_mv | 10.1287/trsc.1030.0041 |
| format | Article |
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| ispartof | Transportation science, 2004-02, Vol.38 (1), p.42-70 |
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| source | INFORMS PubsOnLine; Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Algorithms Applied sciences Approximation Dynamic programming Exact sciences and technology Freight markets freight transportation Ground, air and sea transportation, marine construction Heuristics Inventories logistics Markov processes Markovian processes Operations research Research methods stochastic inventory routing Supply-side economics Transport Transportation Transportation planning, management and economics Vehicle capacity Vehicles Vendors |
| title | Dynamic Programming Approximations for a Stochastic Inventory Routing Problem |
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