Decomposing inventory routing problems with approximate value functions

Alejandro Toriello, George Nemhauser and Martin Savelsbergh

Naval Research Logistics (NRL), 2010, vol. 57, issue 8, 718-727

Abstract: We present a time decomposition for inventory routing problems. The methodology is based on valuing inventory with a concave piecewise linear function and then combining solutions to single‐period subproblems using dynamic programming techniques. Computational experiments show that the resulting value function accurately captures the inventory's value, and solving the multiperiod problem as a sequence of single‐period subproblems drastically decreases computational time without sacrificing solution quality. © 2010 Wiley Periodicals, Inc. Naval Research Logistics, 2010

Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:wly:navres:v:57:y:2010:i:8:p:718-727

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