A SIMPLE ALGORITHM FOR THE BASIC(R, Q)INVENTORY CONTROL MODEL WITH RETURN FLOW

Huiqing Ouyang () and Xiangyang Zhu ()
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Huiqing Ouyang: School of Mechanical Engineering, Shanghai Jiao Tong University, Shanghai, 200240, P. R. China
Xiangyang Zhu: School of Mechanical Engineering, Shanghai Jiao Tong University, Shanghai, 200240, P. R. China

Asia-Pacific Journal of Operational Research (APJOR), 2009, vol. 26, issue 03, 383-398

Abstract: In recent years, as a result of environmental legislation and an increasing interest in economics, many producers have been forced to implement the PTB (Products Tack Back) program. In this paper, we employ the basic(R, Q)model to control a single-item single-echelon inventory system with return flow. Based on the assumption that the return and the demand are independent Poisson processes, we derive a simple approximate algorithm to determine the optimal control parameters. The numerical examples show that the presented algorithm is more tractable than the exact algorithm and more accurate than other approximate algorithms, such as normal approximation.

Keywords: Reverse logistics; inventory control; (R; Q)policy; stochastic model (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1142/S0217595909002262

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