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Coordinated replenishments in inventory systems with correlated demands
Liu, LM; Yuan, XM
2000-06-16
Source PublicationEUROPEAN JOURNAL OF OPERATIONAL RESEARCH
ISSN0377-2217
Volume123Issue:3Pages:490-503
AbstractDemand correlation among different inventory items is common in real-life multi-item inventory systems. However, this phenomenon has not received sufficient attention in the existing inventory literature. In this paper, we construct a Markovian model for a two-item inventory system with correlated demands and coordinated replenishments, We obtain an expression for the long-run total cost per unit of time under the can-order replenishment policy. For the scenario with independent replenishments, the explicit formula for the long-run total cost per time unit call be derived, which leads to analytical solutions for the optimal policies. We then present numerical examples of the optimal can-order policies and discuss some managerial insights regarding demand correlation and replenishment coordination. Our numerical results also suggest a possible heuristic method for obtaining can-order replenishment policies for multi-item systems. (C) 2000 Elsevier Science B.V. All rights reserved.
Keywordinventory correlated demands coordinated replenishments absorption times PH distributions
Language英语
WOS Research AreaBusiness & Economics ; Operations Research & Management Science
WOS SubjectManagement ; Operations Research & Management Science
WOS IDWOS:000086887300004
PublisherELSEVIER SCIENCE BV
Citation statistics
Cited Times:15[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.amss.ac.cn/handle/2S8OKBNM/15338
Collection中国科学院数学与系统科学研究院
Affiliation1.Hong Kong Univ Sci & Technol, Dept Ind Engn & Engn Management, Kowloon, Hong Kong, Peoples R China
2.Chinese Acad Sci, Inst Appl Math, Beijing 100080, Peoples R China
Recommended Citation
GB/T 7714
Liu, LM,Yuan, XM. Coordinated replenishments in inventory systems with correlated demands[J]. EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,2000,123(3):490-503.
APA Liu, LM,&Yuan, XM.(2000).Coordinated replenishments in inventory systems with correlated demands.EUROPEAN JOURNAL OF OPERATIONAL RESEARCH,123(3),490-503.
MLA Liu, LM,et al."Coordinated replenishments in inventory systems with correlated demands".EUROPEAN JOURNAL OF OPERATIONAL RESEARCH 123.3(2000):490-503.
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