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Optimal (R, nQ) Policies for Serial Inventory Systems with Guaranteed Service

In: Operations Research Proceedings 2011

Author

Listed:
  • Peng Li

    (Université de Technologie de Troyes)

  • Haoxun Chen

    (Université de Technologie de Troyes)

Abstract

In this paper, serial inventory systems with Poisson external demand and fixed costs at each stock are considered and the guaranteed-service approach (GSA) is used to design their optimal echelon (R, nQ) inventory policies. The problem is decomposed into two independent sub-problems, batch size decision sub-problem and reorder point decision sub-problem, which are solved optimally by using a dynamic programming algorithm and a branch and bound algorithm, respectively. Numerical experiments on randomly generated instances demonstrate the efficiency of these algorithms.

Suggested Citation

  • Peng Li & Haoxun Chen, 2012. "Optimal (R, nQ) Policies for Serial Inventory Systems with Guaranteed Service," Operations Research Proceedings, in: Diethard Klatte & Hans-Jakob Lüthi & Karl Schmedders (ed.), Operations Research Proceedings 2011, edition 127, pages 439-444, Springer.
    • Handle: RePEc:spr:oprchp:978-3-642-29210-1_70
    DOI: 10.1007/978-3-642-29210-1_70
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