Optimizing (s, S) policies for multi-period inventory models with demand distribution uncertainty: Robust dynamic programing approaches.

This study considers a finite-horizon single-product periodic-review inventory management problem with demand distribution uncertainty. The problem is formulated as a dynamic program and the existence of an optimal ( s, S ) policy is proved. The corresponding dynamic robust counterpart models are then developed for the box and the ellipsoid uncertainty sets. These counterpart models are transformed into tractable linear and second-order cone programs, respectively. The effectiveness and practicality of the proposed robust optimization approaches are validated through a numerical study. [ABSTRACT FROM AUTHOR]