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In this paper, we consider the lot-sizing problem in a periodic-review inventory system under non-stationary stochastic demand. We propose a heuristic and compare its performance with the optimal solution given by dynamic programming for 90 problem instances. Across all the problem instances the heuristic averages 1.96% error, and is found to be at least 30 times faster than dynamic programming.
Multi-item capacity constrained inventory problems have been widely discussed in the literature. While determining an optimal solution for such problems is extremely difficult, a number of optimization and heuristic approaches based on certain assumptions have been developed. Based on the timings of the orders, these approaches can be classified into two categories - staggering and non-staggering...
In a multi-stage production/inventory system, customer service level is a function of the service levels at individual stages. The objective of a multi-stage system can be defined in terms of determining the stage-specific service levels, which minimize the total cost of the system subject to achieving a desired customer service level. The literature available so far discusses the service level perspective...
The research herein addresses the strategic capacity planning problem in a multi-product, multi-plant setting under demand uncertainty. Past research provides a number of useful insights on the relationship between the degree of flexibility and the optimal product-plant configuration, based on product demand, product price, and plant capacity. A few prior studies, however, have addressed both capacity...
Existing literature on supply chain coordination considers various mechanisms such as joint economic lot size, quantity discount and vendor managed inventory as distinct and disparate entities. In this paper, we establish their equivalence through simple models and show that the said mechanisms lead to the same optimal solution under any given set of parameters of the system. Comments on the applicability...
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