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Article: The determination of optimal partial fill policy for an inventory system with lumpy demand items

TitleThe determination of optimal partial fill policy for an inventory system with lumpy demand items
Authors
KeywordsInventory Control
Lumpy Demand
Optimal Partial Fill Policy
Stuttering Poisson Distribution
Issue Date1995
PublisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/apm
Citation
Applied Mathematical Modelling, 1995, v. 19 n. 12, p. 724-737 How to Cite?
AbstractThis paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items that experience lumpy demands. In order 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 customer orders is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, w, s and S, are determined. The theoretical results obtained are illustrated with a numerical example. © 1995.
Persistent Identifierhttp://hdl.handle.net/10722/155903
ISSN
2015 Impact Factor: 2.291
2015 SCImago Journal Rankings: 1.318

 

DC FieldValueLanguage
dc.contributor.authorMak, KLen_US
dc.contributor.authorLai, KKen_US
dc.date.accessioned2012-08-08T08:38:18Z-
dc.date.available2012-08-08T08:38:18Z-
dc.date.issued1995en_US
dc.identifier.citationApplied Mathematical Modelling, 1995, v. 19 n. 12, p. 724-737en_US
dc.identifier.issn0307-904Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/155903-
dc.description.abstractThis paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items that experience lumpy demands. In order 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 customer orders is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, w, s and S, are determined. The theoretical results obtained are illustrated with a numerical example. © 1995.en_US
dc.languageengen_US
dc.publisherElsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/apmen_US
dc.relation.ispartofApplied Mathematical Modellingen_US
dc.subjectInventory Controlen_US
dc.subjectLumpy Demanden_US
dc.subjectOptimal Partial Fill Policyen_US
dc.subjectStuttering Poisson Distributionen_US
dc.titleThe determination of optimal partial fill policy for an inventory system with lumpy demand itemsen_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-s2.0-3843134272en_US
dc.identifier.volume19en_US
dc.identifier.issue12en_US
dc.identifier.spage724en_US
dc.identifier.epage737en_US
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridMak, KL=7102680226en_US
dc.identifier.scopusauthoridLai, KK=7402135562en_US

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