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Article: Computing optimal (s, S) policies for inventory systems with a cut-off transaction size and the option of joint replenishment

TitleComputing optimal (s, S) policies for inventory systems with a cut-off transaction size and the option of joint replenishment
Authors
Issue Date2002
PublisherTaylor & Francis Ltd. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/00207543.asp
Citation
International Journal Of Production Research, 2002, v. 40 n. 14, p. 3375-3389 How to Cite?
AbstractThis paper presents a mathematical model that is developed for the synthesis of optimal replenishment policies for items exhibiting lumpy demand patterns. In order to avoid the disruption of the inventory system, a maximum issue quantity restriction is incorporated into the inventory control policy. In doing so, customer demands with a size exceeding w units will be filtered out of the inventory system, but satisfied by placing a special replenishment order. The rest of the customer demands will be met from stock. The control discipline is the continuous review (s, S) inventory policy and the nature of the demands is approximated by a discrete compound Poisson distribution. To further reduce the total annual ordering cost, specification is made such that when the current inventory position is below a critical level, A, at the time when a customer demand with a size exceeding w units arrives, a joint replenishment is placed that will not only initiate a direct shipment to the customer, but will also raise the inventory position to S. An algorithm is developed to determine the global optimal values of the control parameters, s and S for given w and A. A numerical example is used to illustrate the methodology, and the results obtained clearly show that a better cost performance can be obtained with the incorporation of both a maximum issue quantity restriction and the option of joint replenishment into the inventory control policy.
Persistent Identifierhttp://hdl.handle.net/10722/155863
ISSN
2015 Impact Factor: 1.693
2015 SCImago Journal Rankings: 1.445
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorHollier, RHen_US
dc.contributor.authorMak, KLen_US
dc.contributor.authorLai, KKen_US
dc.date.accessioned2012-08-08T08:38:05Z-
dc.date.available2012-08-08T08:38:05Z-
dc.date.issued2002en_US
dc.identifier.citationInternational Journal Of Production Research, 2002, v. 40 n. 14, p. 3375-3389en_US
dc.identifier.issn0020-7543en_US
dc.identifier.urihttp://hdl.handle.net/10722/155863-
dc.description.abstractThis paper presents a mathematical model that is developed for the synthesis of optimal replenishment policies for items exhibiting lumpy demand patterns. In order to avoid the disruption of the inventory system, a maximum issue quantity restriction is incorporated into the inventory control policy. In doing so, customer demands with a size exceeding w units will be filtered out of the inventory system, but satisfied by placing a special replenishment order. The rest of the customer demands will be met from stock. The control discipline is the continuous review (s, S) inventory policy and the nature of the demands is approximated by a discrete compound Poisson distribution. To further reduce the total annual ordering cost, specification is made such that when the current inventory position is below a critical level, A, at the time when a customer demand with a size exceeding w units arrives, a joint replenishment is placed that will not only initiate a direct shipment to the customer, but will also raise the inventory position to S. An algorithm is developed to determine the global optimal values of the control parameters, s and S for given w and A. A numerical example is used to illustrate the methodology, and the results obtained clearly show that a better cost performance can be obtained with the incorporation of both a maximum issue quantity restriction and the option of joint replenishment into the inventory control policy.en_US
dc.languageengen_US
dc.publisherTaylor & Francis Ltd. The Journal's web site is located at http://www.tandf.co.uk/journals/titles/00207543.aspen_US
dc.relation.ispartofInternational Journal of Production Researchen_US
dc.titleComputing optimal (s, S) policies for inventory systems with a cut-off transaction size and the option of joint replenishmenten_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.doi10.1080/00207540210146134en_US
dc.identifier.scopuseid_2-s2.0-0037144831en_US
dc.identifier.hkuros81941-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0037144831&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume40en_US
dc.identifier.issue14en_US
dc.identifier.spage3375en_US
dc.identifier.epage3389en_US
dc.identifier.isiWOS:000177981600008-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridHollier, RH=6602740286en_US
dc.identifier.scopusauthoridMak, KL=7102680226en_US
dc.identifier.scopusauthoridLai, KK=7402135562en_US

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