Are Base-Stock Policies Optimal in Inventory Problems with Multiple Delivery Modes?
We present a periodic review inventory model with multiple delivery modes. While base-stock policies are optimal for one or two consecutive delivery modes, they are not so otherwise. For multiple consecutive delivery modes, we show that only the fastest two modes have optimal base stocks, and provid...
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| Veröffentlicht in: | Operations research 2006-07, Vol.54 (4), p.801-807 |
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| container_title | Operations research |
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| creator | Feng, Qi Sethi, Suresh P Yan, Houmin Zhang, Hanqin |
| description | We present a periodic review inventory model with multiple delivery modes. While base-stock policies are optimal for one or two consecutive delivery modes, they are not so otherwise. For multiple consecutive delivery modes, we show that only the fastest two modes have optimal base stocks, and provide a simple counterexample to show that the remaining ones do not. We investigate why the base-stock policy is or is not optimal in different situations. This note is an abridged version of Feng et al. (2006). |
| doi_str_mv | 10.1287/opre.1050.0271 |
| format | Article |
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While base-stock policies are optimal for one or two consecutive delivery modes, they are not so otherwise. For multiple consecutive delivery modes, we show that only the fastest two modes have optimal base stocks, and provide a simple counterexample to show that the remaining ones do not. We investigate why the base-stock policy is or is not optimal in different situations. This note is an abridged version of Feng et al. (2006).</description><identifier>ISSN: 0030-364X</identifier><identifier>EISSN: 1526-5463</identifier><identifier>DOI: 10.1287/opre.1050.0271</identifier><identifier>CODEN: OPREAI</identifier><language>eng</language><publisher>Linthicum, MD: INFORMS</publisher><subject>Analysis ; Applied sciences ; Carrying costs ; Cost allocation methods ; Cost functions ; Counterexamples ; Deliveries ; Exact sciences and technology ; Forecasting models ; Inventories ; Inventory ; Inventory control ; Inventory control, production control. 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While base-stock policies are optimal for one or two consecutive delivery modes, they are not so otherwise. For multiple consecutive delivery modes, we show that only the fastest two modes have optimal base stocks, and provide a simple counterexample to show that the remaining ones do not. We investigate why the base-stock policy is or is not optimal in different situations. This note is an abridged version of Feng et al. (2006).</description><subject>Analysis</subject><subject>Applied sciences</subject><subject>Carrying costs</subject><subject>Cost allocation methods</subject><subject>Cost functions</subject><subject>Counterexamples</subject><subject>Deliveries</subject><subject>Exact sciences and technology</subject><subject>Forecasting models</subject><subject>Inventories</subject><subject>Inventory</subject><subject>Inventory control</subject><subject>Inventory control, production control. 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| ispartof | Operations research, 2006-07, Vol.54 (4), p.801-807 |
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| source | Informs; EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Analysis Applied sciences Carrying costs Cost allocation methods Cost functions Counterexamples Deliveries Exact sciences and technology Forecasting models Inventories Inventory Inventory control Inventory control, production control. Distribution inventory/production: uncertainty, multiple delivery modes, base-stock policies Manufacturing industry Methods Operational research and scientific management Operational research. Management science Operations research Optimal policy Optimization Production management Service introduction Technical Note |
| title | Are Base-Stock Policies Optimal in Inventory Problems with Multiple Delivery Modes? |
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