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Near-optimal (r,Q) policies for a two-stage serial inventory system with Poisson demand
Yang, Lei1; Yang, Jian2; Yu, Gang3; Zhang, Hanqin4,5
2011-10-01
Source PublicationINTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
ISSN0925-5273
Volume133Issue:2Pages:728-735
AbstractWe consider a two-stage serial inventory system whose cost structure exhibits economies of scale in both stages. In the system, stage 1 faces Poisson demand and replenishes its inventory from stage 2, and the latter stage in turn orders from an outside supplier with unlimited stock. Each shipment, either to stage 2 or to stage 1, incurs a fixed setup cost. We derive important properties for a given echelon-stock (r, Q) policy for an approximation of the problem where all states are continuous. Based on these properties, we design a simple heuristic algorithm that can be used to find a near-optimal (r, Q) policy for the original problem. Numerical examples are given to demonstrate the effectiveness of the algorithm. (C) 2011 Elsevier B.V. All rights reserved.
KeywordMulti-echelon inventory (r,Q) policy Stochastic demand Algorithm
DOI10.1016/j.ijpe.2011.03.030
Language英语
Funding ProjectChinese National Science Foundation ; Social Science Foundation of the Ministry of Education of China[09YJC630085] ; SCUT[2009SZ0022] ; Business School, National University of Singapore, Singapore
WOS Research AreaEngineering ; Operations Research & Management Science
WOS SubjectEngineering, Industrial ; Engineering, Manufacturing ; Operations Research & Management Science
WOS IDWOS:000294885600025
PublisherELSEVIER SCIENCE BV
Citation statistics
Cited Times:6[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/12618
Collection应用数学研究所
Affiliation1.S China Univ Technol, Sch Econ & Commerce, Guangzhou 510006, Guangdong, Peoples R China
2.New Jersey Inst Technol, Dept Mech & Ind Engn, Newark, NJ 07102 USA
3.Store Corp, Shanghai 201203, Peoples R China
4.Chinese Acad Sci, Acad Math & Syst Sci, Beijing 100080, PR, Peoples R China
5.NUS Business Sch, Singapore, Singapore
Recommended Citation
GB/T 7714
Yang, Lei,Yang, Jian,Yu, Gang,et al. Near-optimal (r,Q) policies for a two-stage serial inventory system with Poisson demand[J]. INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS,2011,133(2):728-735.
APA Yang, Lei,Yang, Jian,Yu, Gang,&Zhang, Hanqin.(2011).Near-optimal (r,Q) policies for a two-stage serial inventory system with Poisson demand.INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS,133(2),728-735.
MLA Yang, Lei,et al."Near-optimal (r,Q) policies for a two-stage serial inventory system with Poisson demand".INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS 133.2(2011):728-735.
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