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Stochastic joint replenishment problem with quantity discounts and minimum order constraints

Title
Stochastic joint replenishment problem with quantity discounts and minimum order constraints
Author
김종수
Keywords
Inventory control; Joint replenishment problem; Quantity discount; Minimum order quantity
Issue Date
2019-03
Publisher
SPRINGER HEIDELBERG
Citation
OPERATIONAL RESEARCH, v. 19, No. 1, Page. 151-178
Abstract
This paper analyzes a logistics system involving a supplier who produces and delivers multiple types of items and a buyer who receives and sells to end customers. The buyer controls the inventory of each item by ordering at a preset time interval, which is an integer multiple of a base cycle, to meet the stochastic demands of the end customers. The supplier makes contracts with the buyer that specify that the ordered amount is delivered at the start of each period at a unit price determined by a quantity discount schedule. The contract also specifies that a buyer's order should exceed a minimum order quantity. To analyze the system, a mathematical model describing activities for replenishing a single type of item is developed from the buyer's perspective. An efficient method to determine the base cycle length and safety factor that minimizes the buyer's total cost is then proposed. The single item model is extended to a multiple items joint replenishment model, and algorithms for finding a cost-minimizing base cycle, order interval multipliers, and safety factors are proposed. The result of computational experiments shows that the algorithms can find near-optimal solutions to the problem.
URI
https://link.springer.com/article/10.1007%2Fs12351-016-0281-6http://repository.hanyang.ac.kr/handle/20.500.11754/113272
ISSN
1109-2858; 1866-1505
DOI
10.1007/s12351-016-0281-6
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
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