A fast heuristic for minimising total average cycle stock subject to practical constraints

E A Silver () and I Moon
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E A Silver: The University of Calgary
I Moon: Pusan National University

Journal of the Operational Research Society, 1999, vol. 50, issue 8, 789-796

Abstract: Abstract We address a problem of setting reorder intervals (time supplies) of a population of items, subject to a restricted set of possible intervals as well as a limit on the total number of replenishments per unit time, both important practical constraints. We provide a dynamic programming formulation for obtaining the optimal solution. In addition, a simple and efficient heuristic algorithm has been developed. Computational experiments show that the performance of the heuristic is excellent based on a set of realistic examples.

Keywords: inventory; cycle stock; dynamic programming; heuristic (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (2)

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DOI: 10.1057/palgrave.jors.2600775

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