NDLI: A multi-product continuous review inventory system in stochastic environment with budget constraint

Content Provider	Springer Nature Link
Author	Kundu, Antara Chakrabarti, Tripti
Copyright Year	2010
Abstract	Common characteristics of inventory systems include uncertain demand and restrictions such as budgetary and storage space constraints. Several authors have examined budget constrained multi-item stochastic inventory systems controlled by continuous review policies without considering marginal review shortage costs. Existing models assume that purchasing costs are paid at the time an order is placed, which is not always the case since in some systems purchasing costs are paid when order arrive. In the latter case the maximum investment in inventory is random since the inventory level when an order arrives is a random variable. Hence payment of purchasing costs on delivery yields a stochastic budget constraint for inventory. In this paper with mixture of back orders and lost sales, we assume that mean and variance of lead time demand are known but their probability distributions are unknown. After that, we apply the minimax distribution free procedure to find the minimum expected value of the random objective function with budget constraint. The random budget constraint is transformed to crisp budget constraint by chance-constraint technique. Finally, the model is illustrated by a numerical example.
Starting Page	299
Ending Page	313
Page Count	15
File Format	PDF
ISSN	18624472
Journal	Optimization Letters
Volume Number	6
Issue Number	2
e-ISSN	18624480
Language	English
Publisher	Springer-Verlag
Publisher Date	2010-10-10
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Inventory Random demand rate Random lead-time Budget constraint Operations Research/Decision Theory Numerical and Computational Physics Computational Intelligence Optimization
Content Type	Text
Resource Type	Article
Subject	Control and Optimization Business, Management and Accounting

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