Mainstream inventory management approaches typically assume a given theoretical demand distribution and estimate the required parameters from historical data. A time series based framework uses a forecast (and a measure of forecast error) to parameterize the demand model. However, demand might...

Increasing global competition and cost pressure force enterprises and supply chains to discover undetected cost-saving potentials. In particular, interfaces to the raw materials' market are a promising field for improvement. This paper presents a deterministic optimal control approach optimizing...