Publisher's Synopsis
Excerpt from Optimal Sequential Production Under Uncertainty
The deterministic version of this problem has been formulated by Wagner and Whitin [18] as a dynamic programming problem. Moreover, under certain cost assumptions, they demonstrated a computationally important planning horizon result ensuring that in the optimal schedule one would receive a replenishment quantity_only when on-hand inventory had fallen to zero. The stochastic version of the problem can be further partitioned into models assuming independent stochastic demands in each period, as opposed to models allowing for some type of sequential dependency. We will be concerned ex elusively with ways of allowing for dependencies in demands.
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