Dynamic Lot-Sizing When Demand Timing Is Uncertain

Michael C. Burstein, Christopher H. Nevison and Robert C. Carlson
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Michael C. Burstein: University of Massachusetts, Amherst, Massachusetts
Christopher H. Nevison: Colgate University, Hamilton, New York
Robert C. Carlson: Stanford University, Stanford, California

Operations Research, 1984, vol. 32, issue 2, 362-379

Abstract: We characterize optimal solutions for the dynamic lot-sizing problem when demand quantities are known, but their timing is uncertain. The characterization states that for some possible history of demands following a period of production, there is a period with zero inventory before another period with production. Using this characterization, we outline a dynamic program for the solution of these problems. Some results from sample problems illustrate the variety of optimal solutions that can occur.

Keywords: 112 dynamic programming applications; 362 stochastic models for inventory/production; 655 stochastic programming (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:32:y:1984:i:2:p:362-379

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