Dual Sourcing Policy for a Continuous-Review Stochastic Inventory System

doi:10.1109/TAC.2018.2872205

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	Dual Sourcing Policy for a Continuous-Review Stochastic Inventory System
	Cao, Ping 1; Yao, Dacheng2,3
	2019-07-01
发表期刊	IEEE TRANSACTIONS ON AUTOMATIC CONTROL
ISSN	0018-9286
卷号	64 期号:7 页码:2921-2928
摘要	We study a continuous-review inventory system with dual sourcing modes and Brownian motion demand. The regular order is from one supplier at some constant rate with a low unit cost while the expedite order is from the other one with a fixed setup cost and an expensive unit cost. With usual holding/shortage cost, the system's objective is to choose a regular constant order rate and an expedite replenishment policy such that the long-run average cost is minimized. We show that the regular ordering rate must be strictly less than the expected demand rate and an optimal expedite ordering policy is the well-known (s, S) policy. In particular, based on the theoretical analysis, we give a computational algorithm to demonstrate how to find the optimal regular ordering rate lambda* and expedite policy parameters s* and S*. Finally, using the algorithm, we investigate the effects of system's parameters on the optimal policy parameters and value of dual sourcing by numerical studies.
关键词	Brownian motion demand dual sourcing inventory control setup cost (s, S) policy
DOI	10.1109/TAC.2018.2872205
语种	英语
资助项目	National Science Foundation of China[11771432] ; National Science Foundation of China[71771202] ; National Science Foundation of China[71520107002]
WOS研究方向	Automation & Control Systems ; Engineering
WOS类目	Automation & Control Systems ; Engineering, Electrical & Electronic
WOS记录号	WOS:000473489700023
出版者	IEEE-INST ELECTRICAL ELECTRONICS ENGINEERS INC
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/35146
专题	应用数学研究所
通讯作者	Yao, Dacheng
作者单位	1.Univ Sci & Technol China, Sch Management, Hefei 230026, Anhui, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, Inst Appl Math, Beijing 100190, Peoples R China 3.Chinese Acad Sci, MADIS, Beijing 100190, Peoples R China
推荐引用方式 GB/T 7714	Cao, Ping,Yao, Dacheng. Dual Sourcing Policy for a Continuous-Review Stochastic Inventory System[J]. IEEE TRANSACTIONS ON AUTOMATIC CONTROL,2019,64(7):2921-2928.
APA	Cao, Ping,&Yao, Dacheng.(2019).Dual Sourcing Policy for a Continuous-Review Stochastic Inventory System.IEEE TRANSACTIONS ON AUTOMATIC CONTROL,64(7),2921-2928.
MLA	Cao, Ping,et al."Dual Sourcing Policy for a Continuous-Review Stochastic Inventory System".IEEE TRANSACTIONS ON AUTOMATIC CONTROL 64.7(2019):2921-2928.