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Article: An improved (Q, R) formulation when the stockout cost is incurred on a per-stockout basis

TitleAn improved (Q, R) formulation when the stockout cost is incurred on a per-stockout basis
Authors
Lau, AHLLau, HS
Keywords(Q, R) model
Inventory
Stockout cost
Issue Date2008
PublisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpe
Citation
International Journal Of Production Economics, 2008, v. 111 n. 2, p. 421-434 How to Cite?
DOI: http://dx.doi.org/10.1016/j.ijpe.2006.04.022
AbstractWhen an order for an out-of-stock inventory item is received, sometimes a fixed cost independent of the order size is incurred to expedite the order (e.g., by running a special production batch or chartering a helicopter). This paper shows that the current standard "textbook formulation" for this situation contains a number of conceptual flaws. We then present an improved formulation and an associated solution procedure, followed by numerical illustrations. It is shown that the improved formulation leads to substantially improved solutions. © 2007 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/85968
ISSN
0925-5273
2023 Impact Factor: 9.8
2023 SCImago Journal Rankings: 3.074
ISI Accession Number ID
WOS:000252981900017
References
References in Scopus

 

DC FieldValueLanguage
dc.contributor.authorLau, AHLen_HK
dc.contributor.authorLau, HSen_HK
dc.date.accessioned2010-09-06T09:11:18Z-
dc.date.available2010-09-06T09:11:18Z-
dc.date.issued2008en_HK
dc.identifier.citationInternational Journal Of Production Economics, 2008, v. 111 n. 2, p. 421-434en_HK
dc.identifier.issn0925-5273en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85968-
dc.description.abstractWhen an order for an out-of-stock inventory item is received, sometimes a fixed cost independent of the order size is incurred to expedite the order (e.g., by running a special production batch or chartering a helicopter). This paper shows that the current standard "textbook formulation" for this situation contains a number of conceptual flaws. We then present an improved formulation and an associated solution procedure, followed by numerical illustrations. It is shown that the improved formulation leads to substantially improved solutions. © 2007 Elsevier B.V. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ijpeen_HK
dc.relation.ispartofInternational Journal of Production Economicsen_HK
dc.rightsInternational Journal of Production Economics. Copyright © Elsevier BV.en_HK
dc.subject(Q, R) modelen_HK
dc.subjectInventoryen_HK
dc.subjectStockout costen_HK
dc.titleAn improved (Q, R) formulation when the stockout cost is incurred on a per-stockout basisen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0925-5273&volume=111&issue=2&spage=421&epage=434&date=2008&atitle=An+Improved+(Q,R)+Formulation+when+the+Stockout+Cost+is+Incurred+on+a+Per-Stockout+Basisen_HK
dc.identifier.emailLau, AHL: ahlau@business.hku.hken_HK
dc.identifier.authorityLau, AHL=rp01072en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.ijpe.2006.04.022en_HK
dc.identifier.scopuseid_2-s2.0-37349108179en_HK
dc.identifier.hkuros153236en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-37349108179&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume111en_HK
dc.identifier.issue2en_HK
dc.identifier.spage421en_HK
dc.identifier.epage434en_HK
dc.identifier.isiWOS:000252981900017-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridLau, AHL=7202626080en_HK
dc.identifier.scopusauthoridLau, HS=7201497264en_HK
dc.identifier.issnl0925-5273-

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