NCKU Math colloquium | |
| DATE | 2009-08-14¡@16:00-18:00 |
| PLACE | ¼Æ¾ÇÀ]3 ¼Ó·|ij«Ç |
| SPEAKER | Xiuli Chao¡]Department of Industrial and Operations Engineering The University of Michigan¡^ |
| TITLE | Optimal Control of Stochastic Inventory Systems with Multiple Types of Reverse Flows |
| ABSTRACT |
We study a single-product periodic-review stochastic inventory system with multiple types of returns.The serviceable products for fulfilling stochastic customer demand can be either manufactured/ordered, or remanufactured from the returned products, and the objective is to minimize theexpected total discounted cost over the planning horizon. We show that, under some circumstances but not all, the optimal policy has a simple form and can be completely characterized by a sequence of constant control parameters. However, in other scenarios, the optimal policy is quite complicated and its control parameters are state-dependent. We develop simple heuristic policies for managing the system, and numerical studies show that the heuristics are effective. This is a joint work with Sean Zhou and Zhijie Tao. |