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UID:www.tcs.tifr.res.in/event/433
DTSTAMP:20230914T125924Z
SUMMARY:Asymptotic Optimality of Constant-Order Policies for Lost Sales Inv
 entory Models with Large Lead Times
DESCRIPTION:Speaker: Professor David A. Goldberg (Georgia Institute of Tech
 nology\nH. Milton Stewart School of Industrial\nand Systems Engineering\n7
 65 Ferst Drive\nRoom 437 Groseclose\nUnited States of America)\n\nAbstract
 : \nAbstract: Lost sales inventory models with large lead times\, which ar
 ise in many practical settings\, are notoriously difficult to optimize due
  to the curse of dimensionality. In this talk we show that when lead times
  are large\, a very simple constant-order policy\, first studied by Reiman
 \, performs nearly optimally. The main insight of our work is that when th
 e lead time is very large\, such a significant amount of randomness is inj
 ected into the system between when an order for more inventory is placed a
 nd when that order is received\, that ``being smart" algorithmically provi
 des almost no benefit. Our main proof technique combines a novel coupling 
 for suprema of random walks with arguments from queueing theory (this is j
 oint work with Dmitriy A. Katz-Rogozhnikov\, Yingdong Lu\, Mayank Sharma\,
  and Mark S. Squillante from IBM T.J. Watson Research Center).\n
URL:https://www.tcs.tifr.res.in/web/events/433
DTSTART;TZID=Asia/Kolkata:20140102T113000
DTEND;TZID=Asia/Kolkata:20140102T123000
LOCATION:AG-80
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