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Three ways of obtaining the average cost expression in a problem related to joint replenishment inventory control

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  • Edward A. Silver

Abstract

This paper does not present a new result, rather it is meant to illustrate the choice of modelling procedures available to an analyst in a typical inventory control problem. The same “average cost per unit time” expression is developed by three quite different procedures. This variety of approaches, as well as the recounting of the author's chronological efforts to solve the problem, should be of interest to the reader. The specific inventory problem studied is one where the controller of an item is faced with random opportunities for replenishment at a reduced setup cost; the problem is an integral component of the broader problem of inventory control of a group of items whose replenishments are coordinated to reduce the costs of production, procurement, and/or transportation.

Suggested Citation

  • Edward A. Silver, 1973. "Three ways of obtaining the average cost expression in a problem related to joint replenishment inventory control," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 20(2), pages 241-254, June.
    • Handle: RePEc:wly:navlog:v:20:y:1973:i:2:p:241-254
    DOI: 10.1002/nav.3800200204
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    Cited by:

    1. Stefanny Ramirez & Laurence H. Brandenburg & Dario Bauso, 2023. "Coordinated Replenishment Game and Learning Under Time Dependency and Uncertainty of the Parameters," Dynamic Games and Applications, Springer, vol. 13(1), pages 326-352, March.
    2. Banu Yüksel Özkaya & Ülkü Gürler & Emre Berk, 2006. "The stochastic joint replenishment problem: A new policy, analysis, and insights," Naval Research Logistics (NRL), John Wiley & Sons, vol. 53(6), pages 525-546, September.

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