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Title: | A linear programming formulation for an inventory management decision problem with a service constraint | Authors: | JANSSENS, Gerrit K. 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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