blocks for richer and more complex models.Formulations of the
more complex models often require closed-form expressions for
the simple models.For example,Roundy's celebrated bound for
power-of-2 policies in a one-warehouse,multi-retailer system
(Roundy,1985) depends on having a closed-form expression for
the optimal EOQ cost.Similarly,the joint location–inventory
model by Daskin etal.(2002) and Shen etal.(2003) embeds the
cost of the optimal(Q, R) inventory policy into the objective
function of a facility location model.Since no closed-form expres-
sion is known for this cost,they approximate it using the EOQ cost
plus the cost of safety stock,for which the optimal costs are
known. Their approximation obviates the need for explicit inven-
tory variables and permits a compact formulation and an effective
algorithm.A similar approach is taken by Qi etal.(2010), who
embed a variant of the approximate model presented in this paper
into alocation–inventory framework with unreliable suppliers;
see Section 5 below for more details.
blocks for richer and more complex models.Formulations of the
more complex models often require closed-form expressions for
the simple models.For example,Roundy's celebrated bound for
power-of-2 policies in a one-warehouse,multi-retailer system
(Roundy,1985) depends on having a closed-form expression for
the optimal EOQ cost.Similarly,the joint location–inventory
model by Daskin etal.(2002) and Shen etal.(2003) embeds the
cost of the optimal(Q, R) inventory policy into the objective
function of a facility location model.Since no closed-form expres-
sion is known for this cost,they approximate it using the EOQ cost
plus the cost of safety stock,for which the optimal costs are
known. Their approximation obviates the need for explicit inven-
tory variables and permits a compact formulation and an effective
algorithm.A similar approach is taken by Qi etal.(2010), who
embed a variant of the approximate model presented in this paper
into alocation–inventory framework with unreliable suppliers;
see Section 5 below for more details.
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