NDLI: Replenish-up-to inventory control policy with stochastic replenishment intervals for perishable merchandise

Content Provider	IEEE Xplore Digital Library
Author	Bao-zheng Liu Chuan Zhang Ding-wei Wang
Copyright Year	2009
Description	Author affiliation: School of Information Science & Engineering, Northeastern University, Shenyang 110004, China (Bao-zheng Liu; Ding-wei Wang) \|\| School of Mathematics and Systems Science, Liaocheng University, 252059, China (Chuan Zhang)
Abstract	The multi-cycle inventory problems have been studied under two main assumptions. Continuous review assumption where an order can made at any time depending on inventory position and periodic review assumption where an order can be initiated only at discrete time epochs. In this study, we analyze a multi period inventory problem that falls under neither of these two assumptions. In this case we consider that there are periodic replenishments but the replenishment intervals are taken to be i.i.d. random variables. This setting represents the real life cases where a supplier visits a retailer with random arrival time and the retailer replenishes his inventories based on a replenish-up-to-level inventory control policy. We also assume that only a certain fraction of unmet demand is backordered and the rest of it is lost. At last, we assume the goods is perishable, and has constant deteriorating rate. In this setting under general distribution between replenishment epochs, we give the condition that must hold for the optimal replenish-up-to level.
Starting Page	4804
Ending Page	4808
File Size	106225
Page Count	5
File Format	PDF
ISBN	9781424427222
DOI	10.1109/CCDC.2009.5194864
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2009-06-17
Publisher Place	China
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Costs Supply chains Stochastic processes stochastic replenishment interval Mathematics Information science Replenish-up-to inventory control Pricing Inventory control deteriorating rate Marketing and sales Random variables Merchandise
Content Type	Text
Resource Type	Article

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