Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/11883
Title: A linear programming formulation for an inventory management decision problem with a service constraint
Authors: JANSSENS, Gerrit 
RAMAEKERS, Katrien 
Issue Date: 2011
Publisher: PERGAMON-ELSEVIER SCIENCE LTD
Source: EXPERT SYSTEMS WITH APPLICATIONS, 38(7). p. 7929-7934
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 or the probability of a stock-out per replenishment period. The performance measure assumes complete knowledge 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 de 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. (C) 2011 Elsevier Ltd. All rights reserved.
Notes: [Janssens, Gerrit K.] Hasselt Univ, Transportat Res Inst, B-3590 Diepenbeek, Belgium. gerrit.janssens@uhasselt.be; katrien.ramaeker-s@uhasselt.be
Keywords: Inventory management; Linear programming; Incomplete information
Document URI: http://hdl.handle.net/1942/11883
ISSN: 0957-4174
e-ISSN: 1873-6793
DOI: 10.1016/j.eswa.2010.12.009
ISI #: 000289047700004
Category: A1
Type: Journal Contribution
Validations: ecoom 2012
Appears in Collections:Research publications

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