Periodic Review Inventory Management with Budget Constraints: Discrete-Event Simulation and Sensitivity Analysis
DOI:
https://doi.org/10.26034/lu.akwi.2024.6235Schlagworte:
Inventory management, periodic review, budget constraint, discrete event simulation, procurement lead timeAbstract
In this study, a periodically reviewed inventory system with an order-up-to-level policy and budget constraints is considered. A discrete-event simulation model is developed to identify the optimal operating conditions, in terms of reorder period (DT) and order up to level (OUTL). Two different scenarios, characterized by different unit costs, are considered. A sensitivity analysis is finally conducted to evaluate the impact of procurement lead time and budget constraints on optimal conditions. A linear correlation between optimal DT and optimal OUTL is found and the equation of the line is derived as a function of the average daily demand and procurement lead time.
Literaturhinweise
Ben-Daya, M., & Raouf, A. (1994). Inventory Models Involving Lead Time as a Decision Variable. The Journal of the Operational Research Society, 45(5), 579. https://doi.org/10.2307/2584393
Bera, U. K., Rong, M., Mahapatra, N. K., & Maiti, M. (2009). A multi-item mixture inventory model involving random lead time and demand with budget constraint and surprise function. Applied Mathematical Modelling, 33(12), 4337–4344. https://doi.org/10.1016/j.apm.2009.03.025
Chen, H., & Li, P. (2015). Optimization of (R, Q) policies for serial inventory systems using the guaranteed service approach. Computers & Industrial Engineering, 80, 261–273. https://doi.org/10.1016/j.cie.2014.12.003
Çomez, N., & Kiessling, T. (2012). Joint inventory and constant price decisions for a continuous review system. International Journal of Physical Distribution & Logistics Management, 42(2), 174–202. https://doi.org/10.1108/09600031211219672
Hariga, M. A. (2010). A single-item continuous review inventory problem with space restriction. International Journal of Production Economics, 128(1), 153–158. https://doi.org/10.1016/j.ijpe.2010.06.008
Jeenanunta, C., Kongtarat, V., & Buddhakulsomsiri, J. (2021). A simulation-optimisation approach to determine optimal order-up-to level for inventory system with long lead time. International Journal of Logistics Systems and Management, 38(2), 253. https://doi.org/10.1504/IJLSM.2021.113250
Kouki, C., Jemai, Z., Sahin, E., & Dallery, Y. (2014). Analysis of a periodic review inventory control system with perishables having random lifetime. International Journal of Production Research, 52(1), 283–298. https://doi.org/10.1080/00207543.2013.839895
Minner, S., & Transchel, S. (2010). Periodic review inventory-control for perishable products under service-level constraints. OR Spectrum, 32(4), 979–996. https://doi.org/10.1007/s00291-010-0196-1
Qiu, R., Sun, Y., & Sun, M. (2022). A robust optimization approach for multi-product inventory management in a dual-channel warehouse under demand uncertainties. Omega, 109, 102591. https://doi.org/10.1016/j.omega.2021.102591
Wang, L., & Chen, H. (2022). Optimization of a stochastic joint replenishment inventory system with service level constraints. Computers & Operations Research, 148, 106001. https://doi.org/10.1016/j.cor.2022.106001
Zhang, J.-L. (2012). Integrated Decision On Pricing, Promotion And Inventory Management. Asia-Pacific Journal of Operational Research, 29(06), 1250038. https://doi.org/10.1142/S0217595912500388
Zhang, J.-L., Chen, J., & Lee, C.-Y. (2008). Joint optimization on pricing, promotion and inventory control with stochastic demand. International Journal of Production Economics, 116(2), 190–198. https://doi.org/10.1016/j.ijpe.2008.09.008
Downloads
Veröffentlicht
Ausgabe
Rubrik
Lizenz
Copyright (c) 2024 Natalya Lysova, Federico Solari, Damiana Caccamo, Claudio Suppini, Roberto Montanari
Dieses Werk steht unter der Lizenz Creative Commons Namensnennung 4.0 International.
