A 2-Approximation Algorithm for Stochastic Inventory Control Models with Lost Sales

A 2-Approximation Algorithm for Stochastic Inventory Control Models with Lost Sales

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Article ID: iaor200954164
Country: United States
Volume: 33
Issue: 2
Start Page Number: 351
End Page Number: 374
Publication Date: May 2008
Journal: Mathematics of Operations Research
Authors: , ,
Keywords: heuristics
Abstract:

In this paper, we describe the first computationally efficient policies for stochastic inventory models with lost sales and replenishment lead times that admit worst–case performance guarantees.

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