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An improved decisio...
An improved decision rule for emergency replenishments
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- Axsäter, Sven (author)
- Lund University,Lunds universitet,Produktionsekonomi,Institutionen för maskinvetenskaper,Institutioner vid LTH,Lunds Tekniska Högskola,Production Management,Department of Mechanical Engineering Sciences,Departments at LTH,Faculty of Engineering, LTH
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(creator_code:org_t)
- Elsevier BV, 2014
- 2014
- English.
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In: International Journal of Production Economics. - : Elsevier BV. - 0925-5273. ; 157, s. 313-317
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http://dx.doi.org/10...
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Abstract
Subject headings
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- This paper provides a new decision rule for emergency replenishments in an inventory system. The decision rule is a generalization of a previous decision rule suggested and evaluated in Axsater (2003, 2007). An improvement step is added to this rule and this often means considerably better performance. The decisions are based on complete information about the system state. An advantage with our decision rule is its generality. It is possible to handle batch ordering, compound Poisson demand and emergency replenishments that take time. The decision rule has also a performance guarantee in the sense that emergency replenishments will always lead to lower expected costs. The rule can also be used in connection with lateral transshipments. (C) 2014 Elsevier B.V. All rights reserved.
Subject headings
- TEKNIK OCH TEKNOLOGIER -- Samhällsbyggnadsteknik -- Transportteknik och logistik (hsv//swe)
- ENGINEERING AND TECHNOLOGY -- Civil Engineering -- Transport Systems and Logistics (hsv//eng)
Keyword
- Inventory
- Stochastic
- Emergency replenishments
- Lateral transshipments
Publication and Content Type
- art (subject category)
- ref (subject category)
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