Pareto-optimality in classical inventory problems

Pareto-optimality in classical inventory problems

0.00 Avg rating0 Votes
Article ID: iaor19982597
Country: United States
Volume: 45
Issue: 1
Start Page Number: 83
End Page Number: 98
Publication Date: Feb 1998
Journal: Naval Research Logistics
Authors: ,
Keywords: programming: goal
Abstract:

In this paper the inventory problem with backorders both deterministic and stochastic is studied using trade-off analysis in the context of vector optimization theory. The set of Pareto-optimal solutions is geometrically characterized in both the constrained and unconstrained cases. Moreover, a new way of utilizing Pareto-optimality concepts to handle classical inventory problems with backorders is derived. A new analysis of these models is done by means of a trade-off analysis. New solutions are shown, and an error bound for total inventory cost is provided. Other models such as multi-item or stochastic lead-time demand inventory problems are addressed and their Pareto-optimal solution sets are obtained. An example is included showing the additional applicability of this kind of analysis to handle parametric problems.

Reviews

Required fields are marked *. Your email address will not be published.