Optimal (R, nQ) Policies for Serial Inventory Systems with Guaranteed Service

Peng Li () and Haoxun Chen ()
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Peng Li: Université de Technologie de Troyes
Haoxun Chen: Université de Technologie de Troyes

A chapter in Operations Research Proceedings 2011, 2012, pp 439-444 from Springer

Abstract: Abstract In this paper, serial inventory systems with Poisson external demand and fixed costs at each stock are considered and the guaranteed-service approach (GSA) is used to design their optimal echelon (R, nQ) inventory policies. The problem is decomposed into two independent sub-problems, batch size decision sub-problem and reorder point decision sub-problem, which are solved optimally by using a dynamic programming algorithm and a branch and bound algorithm, respectively. Numerical experiments on randomly generated instances demonstrate the efficiency of these algorithms.

Keywords: Service Time; Customer Demand; Inventory Policy; Average Computation Time; Inventory Replenishment (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:spr:oprchp:978-3-642-29210-1_70

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DOI: 10.1007/978-3-642-29210-1_70

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