NDLI: Analyzing a stochastic inventory system for deteriorating items with stochastic lead time using simulation modeling

Content Provider	IEEE Xplore Digital Library
Author	Alizadeh, M. Eskandari, H. Sajadifar, S.M. Geiger, C.D.
Copyright Year	2011
Description	Author affiliation: Tarbiat Modares University, School of Industrial Engineering, Tehran, 14117-13116, IRAN (Alizadeh, M.; Eskandari, H.) \|\| University of Central Florida, Dept. of Industrial Engineering and Management Systems, Orlando, 32816, USA (Geiger, C.D.) \|\| University of Science and Culture, Department of Industrial Engineering, Tehran, 13145-871, IRAN (Sajadifar, S.M.)
Abstract	We consider an inventory system for continuous decaying items with stochastic lead time and Poisson demand. Shortage is allowed and all the unsatisfied demands are backlogged. Moreover, replenishment is one for one. Our objective is to minimize the long-run total expected cost of the system. Firstly, we have developed the mathematical model with deterministic lead time. Since the stochastic lead time makes the model complex especially when lead time has complicated probability distribution and it is difficult to prove convexity of the objective function, we have applied simulation modeling approach. The simulation model has no limitation on lead time or any other parameters. The simulation model is validated by comparing its outputs and analytical model's results for the deterministic lead time case. Furthermore, we use optimizer module of the applied software to find near optimal solutions for a number of examples with stochastic lead time.
Starting Page	1645
Ending Page	1657
File Size	277989
Page Count	13
File Format	PDF
ISBN	9781457721083
ISSN	08917736
e-ISBN	9781457721090
e-ISBN	9781457721076
DOI	10.1109/WSC.2011.6147881
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2011-12-11
Publisher Place	USA
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Stochastic processes Analytical models Mathematical model Educational institutions Software Industrial engineering Exponential distribution
Content Type	Text
Resource Type	Article
Subject	Modeling and Simulation Computer Science Applications Software

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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