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Article: Optimal (s, S) policy for an inventory system when the demand can be partially satisfied

TitleOptimal (s, S) policy for an inventory system when the demand can be partially satisfied
Authors
Issue Date1995
PublisherTaylor & Francis Ltd. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/00207721.asp
Citation
International Journal Of Systems Science, 1995, v. 26 n. 2, p. 213-231 How to Cite?
AbstractThis paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items which experience lumpy demands. To avoid disrupting the inventory system, a cutoff point of w units is introduced such that the system would only satisfy routinely customer orders with transaction sizes less than or equal to w units. For customer orders with transaction sizes larger than w units, the system would only supply the cutoff amount (w units). The excess units would be refused. The control discipline is the (s, S) inventory policy with continuous review, and the nature of the demands is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, s, and S, are determined. The theoretical results obtained are illustrated with a numerical example.
Persistent Identifierhttp://hdl.handle.net/10722/155805
ISSN
2015 Impact Factor: 1.947
2015 SCImago Journal Rankings: 1.083

 

DC FieldValueLanguage
dc.contributor.authorMak, KLen_US
dc.contributor.authorLai, KKen_US
dc.date.accessioned2012-08-08T08:37:49Z-
dc.date.available2012-08-08T08:37:49Z-
dc.date.issued1995en_US
dc.identifier.citationInternational Journal Of Systems Science, 1995, v. 26 n. 2, p. 213-231en_US
dc.identifier.issn0020-7721en_US
dc.identifier.urihttp://hdl.handle.net/10722/155805-
dc.description.abstractThis paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items which experience lumpy demands. To avoid disrupting the inventory system, a cutoff point of w units is introduced such that the system would only satisfy routinely customer orders with transaction sizes less than or equal to w units. For customer orders with transaction sizes larger than w units, the system would only supply the cutoff amount (w units). The excess units would be refused. The control discipline is the (s, S) inventory policy with continuous review, and the nature of the demands is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, s, and S, are determined. The theoretical results obtained are illustrated with a numerical example.en_US
dc.languageengen_US
dc.publisherTaylor & Francis Ltd. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/00207721.aspen_US
dc.relation.ispartofInternational Journal of Systems Scienceen_US
dc.titleOptimal (s, S) policy for an inventory system when the demand can be partially satisfieden_US
dc.typeArticleen_US
dc.identifier.emailMak, KL:makkl@hkucc.hku.hken_US
dc.identifier.authorityMak, KL=rp00154en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.scopuseid_2-s2.0-0029255824en_US
dc.identifier.volume26en_US
dc.identifier.issue2en_US
dc.identifier.spage213en_US
dc.identifier.epage231en_US
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridMak, KL=7102680226en_US
dc.identifier.scopusauthoridLai, KK=7402135562en_US

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