The Q( s, S) control policy for the joint replenishment problem extended to the case of correlation among item-demands

We develop an algorithm to compute an optimal Q( s, S) policy for the joint replenishment problem when demands follow a compound correlated Poisson process. It is a non-trivial generalization of the work by Nielsen and Larsen [2005. An analytical study of the Q( s, S) policy applied to the joint rep...

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Vydáno v:International journal of production economics Ročník 118; číslo 1; s. 292 - 297
Hlavní autor: Larsen, Christian
Médium: Journal Article
Jazyk:angličtina
Vydáno: Amsterdam Elsevier B.V 01.03.2009
Elsevier
Elsevier Sequoia S.A
Edice:International Journal of Production Economics
Témata:
Algorithms
Compound correlated Poisson process
Correlation analysis
Inventory management
Joint replenishment problem
Joint replenishment problem Compound correlated Poisson process
Numerical analysis
Poisson distribution
Studies
Joint replenishment problem
Compound correlated Poisson process
ISSN:0925-5273, 1873-7579
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Shrnutí:We develop an algorithm to compute an optimal Q( s, S) policy for the joint replenishment problem when demands follow a compound correlated Poisson process. It is a non-trivial generalization of the work by Nielsen and Larsen [2005. An analytical study of the Q( s, S) policy applied to the joint replenishment problem. European Journal of Operational Research 163, 721–732]. We make some numerical analyses on two-item problems where we compare the optimal Q( s, S) policy to the optimal uncoordinated ( s, S) policies. The results indicate that the more negative the correlation the less advantageous the coordination. Therefore, in some cases the degree of correlation determines whether to apply the coordinated Q( s, S) policy or the uncoordinated ( s, S) policies.
Bibliografie:SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 14
ISSN:0925-5273
1873-7579
DOI:10.1016/j.ijpe.2008.08.025