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Article: The determination of optimal partial fill policy for an inventory system with lumpy demand items
Title | The determination of optimal partial fill policy for an inventory system with lumpy demand items |
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Authors | |
Keywords | Inventory Control Lumpy Demand Optimal Partial Fill Policy Stuttering Poisson Distribution |
Issue Date | 1995 |
Publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/apm |
Citation | Applied Mathematical Modelling, 1995, v. 19 n. 12, p. 724-737 How to Cite? |
Abstract | This paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items that experience lumpy demands. In order to avoid disrupting the inventory system, a cutoff point of w units is introduced such that the system would only satisfy routinely customer orders with transaction sizes less than or equal to w units. For customer orders with transaction sizes larger than w units, the system would only supply the cutoff amount (w units). The excess units would be refused. The control discipline is the (s, S) inventory policy with continuous review, and the nature of the customer orders is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, w, s and S, are determined. The theoretical results obtained are illustrated with a numerical example. © 1995. |
Persistent Identifier | http://hdl.handle.net/10722/155903 |
ISSN | 2021 Impact Factor: 5.336 2020 SCImago Journal Rankings: 1.011 |
DC Field | Value | Language |
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dc.contributor.author | Mak, KL | en_US |
dc.contributor.author | Lai, KK | en_US |
dc.date.accessioned | 2012-08-08T08:38:18Z | - |
dc.date.available | 2012-08-08T08:38:18Z | - |
dc.date.issued | 1995 | en_US |
dc.identifier.citation | Applied Mathematical Modelling, 1995, v. 19 n. 12, p. 724-737 | en_US |
dc.identifier.issn | 0307-904X | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/155903 | - |
dc.description.abstract | This paper presents a mathematical model developed for the synthesis of optimal replenishment policies for items that experience lumpy demands. In order to avoid disrupting the inventory system, a cutoff point of w units is introduced such that the system would only satisfy routinely customer orders with transaction sizes less than or equal to w units. For customer orders with transaction sizes larger than w units, the system would only supply the cutoff amount (w units). The excess units would be refused. The control discipline is the (s, S) inventory policy with continuous review, and the nature of the customer orders is approximated by a discrete stuttering Poisson distribution. The optimal values of the control parameters, w, s and S, are determined. The theoretical results obtained are illustrated with a numerical example. © 1995. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier Inc. The Journal's web site is located at http://www.elsevier.com/locate/apm | en_US |
dc.relation.ispartof | Applied Mathematical Modelling | en_US |
dc.subject | Inventory Control | en_US |
dc.subject | Lumpy Demand | en_US |
dc.subject | Optimal Partial Fill Policy | en_US |
dc.subject | Stuttering Poisson Distribution | en_US |
dc.title | The determination of optimal partial fill policy for an inventory system with lumpy demand items | en_US |
dc.type | Article | en_US |
dc.identifier.email | Mak, KL:makkl@hkucc.hku.hk | en_US |
dc.identifier.authority | Mak, KL=rp00154 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.scopus | eid_2-s2.0-3843134272 | en_US |
dc.identifier.volume | 19 | en_US |
dc.identifier.issue | 12 | en_US |
dc.identifier.spage | 724 | en_US |
dc.identifier.epage | 737 | en_US |
dc.publisher.place | United States | en_US |
dc.identifier.scopusauthorid | Mak, KL=7102680226 | en_US |
dc.identifier.scopusauthorid | Lai, KK=7402135562 | en_US |
dc.identifier.issnl | 0307-904X | - |