116 0

An adaptive joint replenishment policy for items with non-stationary demands

Title
An adaptive joint replenishment policy for items with non-stationary demands
Author
김종수
Keywords
Inventory control; Joint replenishment problem; Non-stationary demand
Issue Date
2020-07
Publisher
SPRINGER HEIDELBERG
Citation
OPERATIONAL RESEARCH, v. 20, no. 3, page. 1665-1684
Abstract
This paper concerns the joint replenishment problem for a single buyer who sells multiple types of items to end customers. The buyer periodically replenishes the item inventory to order-up-to levels to cover the end customers' demands, which may be non-stationary. A joint replenishment policy characterized by a variable order-up-to level is proposed for buyers who wish to minimize the expected cost of operating the inventory system. According to the proposed policy, each period starts with calculation of the expected cost of two options, ordering and not ordering each item, based on a current inventory position and forecasted demand for the upcoming period. The proposed policy then uses an integer-programming model to generate a cost-minimizing decision for the joint replenishment. A computer experiment was performed to test the efficiency of the proposed policy. When compared with the most efficient policy currently available, our policy yielded considerable cost savings, especially for non-stationary demands.
URI
https://link.springer.com/article/10.1007%2Fs12351-018-0399-9https://repository.hanyang.ac.kr/handle/20.500.11754/164786
ISSN
1109-2858; 1866-1505
DOI
10.1007/s12351-018-0399-9
Appears in Collections:
COLLEGE OF ENGINEERING SCIENCES[E](공학대학) > INDUSTRIAL AND MANAGEMENT ENGINEERING(산업경영공학과) > Articles
Files in This Item:
There are no files associated with this item.
Export
RIS (EndNote)
XLS (Excel)
XML


qrcode

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

BROWSE