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http://hdl.handle.net/1942/10611
Title: | A linear programming formulation for an inventory management decision with a service constraint | Authors: | JANSSENS, Gerrit K. RAMAEKERS, Katrien |
Issue Date: | 2009 | Source: | The International Workshop on Modelling & Applied Simulation. p. 141-147. | Abstract: | Inventory systems with uncertainty go hand in hand with the determination of a safety stock level. The decision on the safety stock level is based on a performance measure, for example, the expected shortage per replenishment period of the probability distribution during lead time, which might not be available. In case of incomplete information regarding the lead-time distribution of demand, no single figure for the safety stock can be determined in order to satisfy a performance measure. However, an optimisation model may be formulated in order to determine a safety stock level which guarantees the performance measure under the worst case of lead-time demand, of which the distribution is known in an incomplete way. It is shown that this optimisation problem can be formulated as a linear programming problem. | Document URI: | http://hdl.handle.net/1942/10611 | ISBN: | 978-84-692-5417-2 | Category: | C1 | Type: | Proceedings Paper |
Appears in Collections: | Research publications |
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