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Approximate Solutions of a Dynamic Forecast-Inventory Model
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Journal Article
Approximate Solutions of a Dynamic Forecast-Inventory Model
2006
Overview
In this paper we consider a dynamic forecast-inventory model with forecast updates, based on the martingale model of forecast evolution. Two types of updates are considered, additive and multiplicative. The formulation of the model results in a dynamic program with multidimensional state space. We derive some characteristics of optimal policies and also develop a computational approach to obtain approximate solutions. The approach is based on simulation and function approximation.
Publisher
INFORMS,Institute for Operations Research and the Management Sciences (INFORMS),Institute for Operations Research and the Management Sciences
