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Article: Optimal inventory control of lumpy demand items using ( s , S ) policies with a maximum issue quantity restriction and opportunistic replenishments

TitleOptimal inventory control of lumpy demand items using ( s , S ) policies with a maximum issue quantity restriction and opportunistic replenishments
Authors
KeywordsInventory Control
Lumpy Demand Items
Maximum Issue Quantity
Opportunistic Replenishment
Issue Date2005
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, 2005, v. 43 n. 23, p. 4929-4944 How to Cite?
AbstractThis paper presents a modified ( s , S ) inventory model which describes the characteristics of an inventory system with lumpy demand items. A maximum issue quantity restriction of w units and a critical inventory position of A units are incorporated into the inventory control policy. Customer orders with demand sizes larger than the maximum issue quantity will be filtered out from the inventory system and satisfied by using special replenishment orders in order to avoid disruption to the inventory system. The option of opportunistic replenishments is introduced to further minimize the total replenishment cost. An opportunistic replenishment is initiated if the level of the current inventory position is equal to or below the critical level when a customer demand with a size exceeding the maximum issue quantity arrives, which does not only initiate a direct shipment to the customer, but also raises the inventory position to S . Two effective algorithms are developed to determine the optimal values of w , A , s and S simultaneously. The first algorithm is based on the branch-and-bound tree search technique, and the second one is based on the concept of genetic algorithms. Numerical examples are used to illustrate the effectiveness of the algorithms developed. The effects of changes in the cost and system parameters on the optimal inventory control policy are also studied by using sensitivity analysis.
Persistent Identifierhttp://hdl.handle.net/10722/155882
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.authorYiu, KFCen_US
dc.date.accessioned2012-08-08T08:38:10Z-
dc.date.available2012-08-08T08:38:10Z-
dc.date.issued2005en_US
dc.identifier.citationInternational Journal Of Production Research, 2005, v. 43 n. 23, p. 4929-4944en_US
dc.identifier.issn0020-7543en_US
dc.identifier.urihttp://hdl.handle.net/10722/155882-
dc.description.abstractThis paper presents a modified ( s , S ) inventory model which describes the characteristics of an inventory system with lumpy demand items. A maximum issue quantity restriction of w units and a critical inventory position of A units are incorporated into the inventory control policy. Customer orders with demand sizes larger than the maximum issue quantity will be filtered out from the inventory system and satisfied by using special replenishment orders in order to avoid disruption to the inventory system. The option of opportunistic replenishments is introduced to further minimize the total replenishment cost. An opportunistic replenishment is initiated if the level of the current inventory position is equal to or below the critical level when a customer demand with a size exceeding the maximum issue quantity arrives, which does not only initiate a direct shipment to the customer, but also raises the inventory position to S . Two effective algorithms are developed to determine the optimal values of w , A , s and S simultaneously. The first algorithm is based on the branch-and-bound tree search technique, and the second one is based on the concept of genetic algorithms. Numerical examples are used to illustrate the effectiveness of the algorithms developed. The effects of changes in the cost and system parameters on the optimal inventory control policy are also studied by using sensitivity analysis.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.subjectInventory Controlen_US
dc.subjectLumpy Demand Itemsen_US
dc.subjectMaximum Issue Quantityen_US
dc.subjectOpportunistic Replenishmenten_US
dc.titleOptimal inventory control of lumpy demand items using ( s , S ) policies with a maximum issue quantity restriction and opportunistic replenishmentsen_US
dc.typeArticleen_US
dc.identifier.emailMak, KL:makkl@hkucc.hku.hken_US
dc.identifier.emailYiu, KFC:cedric@hkucc.hku.hken_US
dc.identifier.authorityMak, KL=rp00154en_US
dc.identifier.authorityYiu, KFC=rp00206en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1080/00207540500218967en_US
dc.identifier.scopuseid_2-s2.0-30844466431en_US
dc.identifier.hkuros119269-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-30844466431&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume43en_US
dc.identifier.issue23en_US
dc.identifier.spage4929en_US
dc.identifier.epage4944en_US
dc.identifier.isiWOS:000233129800002-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.scopusauthoridHollier, RH=6602740286en_US
dc.identifier.scopusauthoridMak, KL=7102680226en_US
dc.identifier.scopusauthoridYiu, KFC=24802813000en_US
dc.identifier.citeulike386966-

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