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- Publisher Website: 10.1016/j.ejor.2010.02.029
- Scopus: eid_2-s2.0-77950368643
- WOS: WOS:000277873300005
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Article: Inventory systems with stochastic demand and supply: Properties and approximations
Title | Inventory systems with stochastic demand and supply: Properties and approximations |
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Authors | |
Keywords | Risk management Inventory Supply disruptions Supply chain management |
Issue Date | 2010 |
Citation | European Journal of Operational Research, 2010, v. 206, n. 2, p. 313-328 How to Cite? |
Abstract | We model a retailer whose supplier is subject to complete supply disruptions. We combine discrete-event uncertainty (disruptions) and continuous sources of uncertainty (stochastic demand or supply yield), which have different impacts on optimal inventory settings. This prevents optimal solutions from being found in closed form. We develop a closed-form approximate solution by focusing on a single stochastic period of demand or yield. We show how the familiar newsboy fractile is a critical trade-off in these systems, since the optimal base-stock policies balance inventory holding costs with the risk of shortage costs generated by a disruption. © 2010 Elsevier B.V. All rights reserved. |
Persistent Identifier | http://hdl.handle.net/10722/296061 |
ISSN | 2023 Impact Factor: 6.0 2023 SCImago Journal Rankings: 2.321 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Schmitt, Amanda J. | - |
dc.contributor.author | Snyder, Lawrence V. | - |
dc.contributor.author | Shen, Zuo Jun Max | - |
dc.date.accessioned | 2021-02-11T04:52:45Z | - |
dc.date.available | 2021-02-11T04:52:45Z | - |
dc.date.issued | 2010 | - |
dc.identifier.citation | European Journal of Operational Research, 2010, v. 206, n. 2, p. 313-328 | - |
dc.identifier.issn | 0377-2217 | - |
dc.identifier.uri | http://hdl.handle.net/10722/296061 | - |
dc.description.abstract | We model a retailer whose supplier is subject to complete supply disruptions. We combine discrete-event uncertainty (disruptions) and continuous sources of uncertainty (stochastic demand or supply yield), which have different impacts on optimal inventory settings. This prevents optimal solutions from being found in closed form. We develop a closed-form approximate solution by focusing on a single stochastic period of demand or yield. We show how the familiar newsboy fractile is a critical trade-off in these systems, since the optimal base-stock policies balance inventory holding costs with the risk of shortage costs generated by a disruption. © 2010 Elsevier B.V. All rights reserved. | - |
dc.language | eng | - |
dc.relation.ispartof | European Journal of Operational Research | - |
dc.subject | Risk management | - |
dc.subject | Inventory | - |
dc.subject | Supply disruptions | - |
dc.subject | Supply chain management | - |
dc.title | Inventory systems with stochastic demand and supply: Properties and approximations | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1016/j.ejor.2010.02.029 | - |
dc.identifier.scopus | eid_2-s2.0-77950368643 | - |
dc.identifier.volume | 206 | - |
dc.identifier.issue | 2 | - |
dc.identifier.spage | 313 | - |
dc.identifier.epage | 328 | - |
dc.identifier.isi | WOS:000277873300005 | - |
dc.identifier.issnl | 0377-2217 | - |