Another heuristic for minimizing total average cycle stock subject to practical constraints

Hsieh Y-C ()
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Hsieh Y-C: National Huwei Institute of Technology

Journal of the Operational Research Society, 2001, vol. 52, issue 4, 463-470

Abstract: Abstract This paper considers the setting of reorder intervals of a population of items for minimizing the total average cycle stock subject to a limit on the total number of replenishments per unit time, and a restricted set of possible intervals. Silver and Moon have investigated the problem with the use of dynamic programming, and they also proposed a heuristic for solving it. This paper presents a new 0-1 linear programming approach to the problem. Based upon the solution of the relaxed 0-1 linear programming formulation, a simple heuristic is proposed to solve the reorder problem. Limited numerical results using realistic test examples indicate that the new heuristic performed very well for each example.

Keywords: inventory; 0-1 linear programming; heuristic (search for similar items in EconPapers)
Date: 2001
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DOI: 10.1057/palgrave.jors.2601106

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