Journal
M&SOM-MANUFACTURING & SERVICE OPERATIONS MANAGEMENT
Volume 8, Issue 4, Pages 407-425Publisher
INFORMS
DOI: 10.1287/msom.1060.0116
Keywords
inventory; demand forecasts; approximate solutions
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In this paper we consider a dynamic forecast-inventory model with forecast updates, based on the martingale model of forecast evolution. Two types of updates are considered, additive and multiplicative. The formulation of the model results in a dynamic program with multidimensional state space. We derive some characteristics of optimal policies and also develop a computational approach to obtain approximate solutions. The approach is based on simulation and function approximation.
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