Lot sizing for varying degrees of demand uncertainty

Article Abstract:

A study was conducted to analyze the average costs for a number of lot-sizing methods by simulation. In line with this, an inventory system supporting periodic review, instantaneous delivery of replenishment orders and backlogging of unfilled demand was examined. A policy-iteration algorithm was then presented to calculate the reorder pont and the order-up-to level. Results indicated that lot sizing can be based on information about the actual demand during low demand uncertainties.

Research, Management, Economic lot size, Inventories

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An inventory model with Poisson demands and emergency orders

Article Abstract:

A study constructed a long-run average cost model to solve the issue of establishing a good control policy for a single-item inventory system given the presence of an emergency supply option along with the normal-order supply mode. Under the proposed model, emergency orders are controlled by reorder points and order-up-to levels based on the time remaining until delivery of the outstanding normal order. Extensive simulation is used to validate this suggested approach.

Usage, Mathematical models, Factory orders, Poisson distribution

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Optimal (r,Q) inventory policies with Poisson demands and lost sales: discounted and undiscounted cases

Article Abstract:

A model of an (r,Q) reorder-point inventory system is developed wherein the expected total discounted infinite-horizon costs for inventories must be minimized. An algorithm is derived to approximate the optimal values of the variables r amd Q. It is shown that although approximation errors are generally small, a high interest rate, low shortage cost and exponential lead time can cause significant approximation errors.

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