时间：2016年1月20日 星期三 10:00-12:00

地点：必赢协鑫楼204 

报告人：Professor Jiheng Zhang, Department of Industrial Engineering and Logistics Management in the Hong Kong University of Science and Technology

主持人：沈厚才 教授，必赢 

Abstract: We study joint replenishment and clearance of perishable products when the demand rate is large. We propose two policies based on fluid and diffusion approximations, respectively. The fluid based policy can achieve asymptotic optimality with the gap explicitly computed. The diffusion based policy can significantly improve the gap when the initial inventory is small. When the initial inventory is large, we propose an algorithm, which is much simpler than the original dynamic programming, to achieve asymptotic optimality with the improved gap. Numerical experiments show that our proposed policy works well comparing to the true optimal policy by solving the stochastic dynamic programming. 

Biography: Jiheng Zhang is currently an associate professor in the Department of Industrial Engineering and Logistics Management at the Hong Kong University of Science and Technology. His research interests are applied probability, stochastic modeling and optimization, data analysis, numerical methods and algorithm; with applications in service operations management, large communication networks, healthcare. He received both Ph.D. and M.S. degrees in operations research from Georgia Institute of Technology (2009, 2005). His works have been published in journals such as Operations Research, Mathematics of Operations Research and Annals of Applied Probability.