On Computational Procedures for Optimising an Omni-Channel Inventory Control Model

Joost Goedhart, Eligius M.T. Hendrix*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference paperAcademicpeer-review

Abstract

Dynamic programming (DP) and specifically Markov Decision Problems (MDP) are often seen in inventory control as a theoretical path towards optimal policies, which are (often) not tractable due to the curse of dimensionality. A careful bounding of decision and state space and use of resources may provide the optimal policy for realistic instances despite the dimensionality of the problem. We will illustrate this process for an omni-channel inventory control model where the first dimension problem is to keep track of the outstanding ordered quantities and the second dimension is to keep track of items sold online that can be returned.

Original languageEnglish
Title of host publicationComputational Science and Its Applications - ICCSA 2022 Workshops - Proceedings
EditorsOsvaldo Gervasi, Beniamino Murgante, Sanjay Misra, Ana Maria Rocha, Chiara Garau
Place of PublicationCham
PublisherSpringer
ChapterLNCS13378
Pages29-42
Number of pages14
ISBN (Print)9783031105616
DOIs
Publication statusPublished - 2022
Event22nd International Conference on Computational Science and Its Applications , ICCSA 2022 - Malaga, Spain
Duration: 4 Jul 20227 Jul 2022

Publication series

NameLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume13378 LNCS
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Conference

Conference22nd International Conference on Computational Science and Its Applications , ICCSA 2022
Country/TerritorySpain
CityMalaga
Period4/07/227/07/22

Keywords

  • Inventory control
  • Markov decision problems
  • Omni-channel retailing
  • Stochastic processes
  • Value iteration

Fingerprint

Dive into the research topics of 'On Computational Procedures for Optimising an Omni-Channel Inventory Control Model'. Together they form a unique fingerprint.

Cite this