FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3043452236> ?p ?o ?g. }

• W3043452236 abstract "Consider a retailer who buys a range of commodities from a wholesaler and sells them to customers. At each time period, the retailer has to decide how much of each type of commodity to purchase, so as to maximize some overall profit. This requires a balance between maximizing the amount of high-valued customer demands that can be fulfilled and minimizing storage and delivery costs. Due to inaccuracies in inventory recording, misplaced products, market fluctuation, etc., the above purchasing decisions must be made in the presence of partial observability on the amount of stocked goods and on uncertainty in the demand. A natural framework for such an inventory control problems is the Partially Observable Markov Decision Process (POMDP). Key to POMDP is that it decides the best actions to perform with respect to distributions over states, rather than a single state. Finding the optimal solution of a POMDP problem is computationally intractable, but the past decade has seen substantial advances in finding approximately optimal POMDP solutions and POMDP has started to become practical for many interesting problems. Despite advances in approximate POMDP solvers, they do not perform well on most inventory control problems, due to the massive action space (i.e., purchasing possibilities) of most such problems. Most POMDPbased methods limit the problem to a one-commodity scenario, which is far from reality. In this paper, we apply our recent POMDP-based method (QBASE) to multi-commodity inventory control. QBASE combines Monte Carlo Tree Search with quantile statistics based Monte Carlo, namely the Cross-Entropy method for optimization, to quickly identify good actions without sweeping through the entire action space. It enables QBASE to substantially scale up our ability to compute good solutions to POMDPs with extremely large discrete action spaces (in the order of a million discrete actions). We compare our solution to several commonly used inventory control methods, such as the (s; S) method and other state-of-the-art POMDP solvers. The results are promising, as it demonstrates smarter purchasing behaviors. For instance, if we combine maximum likelihood with the commonly used (s; S) policy, the latter policy is very far from optimal when the uncertainty must be represented as a non-unimodal distribution. Furthermore, the state-of-the-art POMDP solver can only generate a sub-optimal policy of always keeping the stocks of all commodities at a relatively high level, to meet as many demands as possible. In contrast, QBASE can generate a better policy, whereby a small amount of sales are sacrificed t o keep t he i nventory l evel of commodities with expensive storage cost and low value, to be as low as possible, which then lead to a higher profit." @default.
• W3043452236 created "2020-07-23" @default.
• W3043452236 creator A5073857354 @default.
• W3043452236 creator A5085887738 @default.
• W3043452236 creator A5088935199 @default.
• W3043452236 date "2019-12-01" @default.
• W3043452236 modified "2023-09-28" @default.
• W3043452236 title "Inventory control with partially observable states" @default.
• W3043452236 cites W1484113995 @default.
• W3043452236 cites W1502364872 @default.
• W3043452236 cites W1532688806 @default.
• W3043452236 cites W1539216098 @default.
• W3043452236 cites W1979324613 @default.
• W3043452236 cites W2009395351 @default.
• W3043452236 cites W2066624921 @default.
• W3043452236 cites W2093615907 @default.
• W3043452236 cites W2099430963 @default.
• W3043452236 cites W2106535143 @default.
• W3043452236 cites W2110785374 @default.
• W3043452236 cites W2124595631 @default.
• W3043452236 cites W2126316555 @default.
• W3043452236 cites W2139127542 @default.
• W3043452236 cites W2156950870 @default.
• W3043452236 cites W2168405694 @default.
• W3043452236 cites W2171084228 @default.
• W3043452236 cites W2810632148 @default.
• W3043452236 cites W2953074437 @default.
• W3043452236 cites W2964957478 @default.
• W3043452236 doi "https://doi.org/10.36334/modsim.2019.b1.wang" @default.
• W3043452236 hasPublicationYear "2019" @default.
• W3043452236 type Work @default.
• W3043452236 sameAs 3043452236 @default.
• W3043452236 citedByCount "1" @default.
• W3043452236 countsByYear W30434522362021 @default.
• W3043452236 crossrefType "proceedings-article" @default.
• W3043452236 hasAuthorship W3043452236A5073857354 @default.
• W3043452236 hasAuthorship W3043452236A5085887738 @default.
• W3043452236 hasAuthorship W3043452236A5088935199 @default.
• W3043452236 hasConcept C105795698 @default.
• W3043452236 hasConcept C106189395 @default.
• W3043452236 hasConcept C117938511 @default.
• W3043452236 hasConcept C119857082 @default.
• W3043452236 hasConcept C126255220 @default.
• W3043452236 hasConcept C159886148 @default.
• W3043452236 hasConcept C162324750 @default.
• W3043452236 hasConcept C163836022 @default.
• W3043452236 hasConcept C17098449 @default.
• W3043452236 hasConcept C175444787 @default.
• W3043452236 hasConcept C181622380 @default.
• W3043452236 hasConcept C21547014 @default.
• W3043452236 hasConcept C2778813691 @default.
• W3043452236 hasConcept C33923547 @default.
• W3043452236 hasConcept C41008148 @default.
• W3043452236 hasConcept C42475967 @default.
• W3043452236 hasConcept C98763669 @default.
• W3043452236 hasConceptScore W3043452236C105795698 @default.
• W3043452236 hasConceptScore W3043452236C106189395 @default.
• W3043452236 hasConceptScore W3043452236C117938511 @default.
• W3043452236 hasConceptScore W3043452236C119857082 @default.
• W3043452236 hasConceptScore W3043452236C126255220 @default.
• W3043452236 hasConceptScore W3043452236C159886148 @default.
• W3043452236 hasConceptScore W3043452236C162324750 @default.
• W3043452236 hasConceptScore W3043452236C163836022 @default.
• W3043452236 hasConceptScore W3043452236C17098449 @default.
• W3043452236 hasConceptScore W3043452236C175444787 @default.
• W3043452236 hasConceptScore W3043452236C181622380 @default.
• W3043452236 hasConceptScore W3043452236C21547014 @default.
• W3043452236 hasConceptScore W3043452236C2778813691 @default.
• W3043452236 hasConceptScore W3043452236C33923547 @default.
• W3043452236 hasConceptScore W3043452236C41008148 @default.
• W3043452236 hasConceptScore W3043452236C42475967 @default.
• W3043452236 hasConceptScore W3043452236C98763669 @default.
• W3043452236 hasLocation W30434522361 @default.
• W3043452236 hasOpenAccess W3043452236 @default.
• W3043452236 hasPrimaryLocation W30434522361 @default.
• W3043452236 hasRelatedWork W102453 @default.
• W3043452236 hasRelatedWork W13173889 @default.
• W3043452236 hasRelatedWork W14443897 @default.
• W3043452236 hasRelatedWork W1937329 @default.
• W3043452236 hasRelatedWork W2570624 @default.
• W3043452236 hasRelatedWork W491107 @default.
• W3043452236 hasRelatedWork W7055997 @default.
• W3043452236 hasRelatedWork W7455958 @default.
• W3043452236 hasRelatedWork W7587899 @default.
• W3043452236 hasRelatedWork W8540740 @default.
• W3043452236 isParatext "false" @default.
• W3043452236 isRetracted "false" @default.
• W3043452236 magId "3043452236" @default.
• W3043452236 workType "article" @default.