Articlegreen2010

An inventory model with random replenishment quantities.

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Supply Chain and Inventory Management Reliability and Maintenance Optimization Sustainable Supply Chain Management

Abstract

A single-period random demand inventory model is analysed under the assumption that the replenishment quantity is a random function of the amount ordered. The structure of optimal policies is characterized for linear ordering cost functions, both with and without a setup cost. Generalizations of base-stock policies and (s, S) policies are shown to be optimal. Closed form analytic expressions for optimal policies are obtained for the special ease of linear ordering cost and uniformly distributed demand. Optimal policies are compared with two heuristics in a more general demand environment. It is shown that a very simple heuristic policy performs quite well.

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References

1966The Status of Mathematical Inventory Theory 1980Optimal inventory policies when stockouts result from defective products 1976Establishing The Order Quantity When The Amount Received Is Uncertain

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