Improving Simulation Optimization Run Time When Solving for Periodic Review Inventory Policies in a Pharmacy

Pharmaceutical drugs are critical to patient care, but demand and supply uncertainties in this inventory system make decision-making a challenging task. In this paper, we present a simulation-optimization model that determines near-optimal $(s, S)$ periodic review inventory policies that minimize the expected cost per day. The model accounts for perishability, positive lead time, stocha...