Publication

Optimal reordering policies for the AHM inventory model with two supply modes

Thomas Liebling
1991
Journal Articles

Abstract

We characterize the optimal reordering policies for the stationary periodic review AHM inventory model when there is a quick and a -generally cheaper- slow supplier, whose delivery lags differ by one period and whose fixed and unit ordering costs are arbitrary, as generalized (s,S) policies described by four parameters (s1, S1, s2, S2). Computational results using Howard's policy iteration algorithm yield four possible types of such policies depending on the model parameters.

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Thomas Liebling
1991
Journal Articles

Abstract

Official source

Related concepts (31)

Policy

Policy is a deliberate system of guidelines to guide decisions and achieve rational outcomes. A policy is a statement of intent and is implemented as a procedure or protocol. Policies are generally adopted by a governance body within an organization. Policies can assist in both subjective and objective decision making. Policies used in subjective decision-making usually assist senior management with decisions that must be based on the relative merits of a number of factors, and as a result, are often hard to test objectively, e.

Policy analysis

Policy analysis or public policy analysis is a technique used in the public administration sub-field of political science to enable civil servants, nonprofit organizations, and others to examine and evaluate the available options to implement the goals of laws and elected officials. People who regularly use policy analysis skills and techniques on the job, particularly those who use it as a major part of their job duties are generally known by the title Policy Analyst.

Public policy

Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. The implementation of public policy is known as public administration. Public policy can be considered to be the sum of a government's direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public typically by a government.

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