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Advance demand information and a restricted production capacity: on the optimality of order base-stock policies

Content Provider	Springer Nature Link
Author	Wijngaard, Jacob Karaesmen, Fikri
Copyright Year	2007
Abstract	This paper considers the optimality of order aggregation in a single-item production/inventory problem with advance demand information and a restricted production capacity. The advance demand information is modeled by introducing a positive customer order lead time. The paper proves, when customer order lead times are less than a threshold value, it is allowed to aggregate the orders over time when establishing the optimal production decision. This implies the optimality of an order base-stock policy. It shows also that in case of linear inventory cost, the positive effect of advance demand information is equal to a cost reduction that is proportional to idle time and foreknowledge horizon. The results hold for the backlogging case as well as for the lost-sales case.
Starting Page	643
Ending Page	660
Page Count	18
File Format	PDF
ISSN	01716468
Journal	OR Spectrum
Volume Number	29
Issue Number	4
e-ISSN	14366304
Language	English
Publisher	Springer-Verlag
Publisher Date	2007-01-13
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Advance demand information Restricted production capacity Base-stock policies Backlogging and lost-sales Sample path equivalence Optimality and heuristics Business/Management Science Calculus of Variations and Optimal Control; Optimization Operations Research/Decision Theory
Content Type	Text
Resource Type	Article
Subject	Management Science and Operations Research Business, Management and Accounting

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