Inventory Control when the Lead‐time Changes

Sven Axsäter

13 citations0/0 files storedProduction and Operations Management

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Supply Chain and Inventory Management Management and Optimization Techniques Operations Management Techniques

Abstract

A single‐echelon inventory system with continuous review and Poisson demand is considered. There are standard linear holding and backorder costs but no ordering or set‐up costs. We study a change in the lead‐time, which is rather typical in connection with application of a Just‐In‐Time philosophy. Our main focus is a lead‐time decrease but we also consider a lead‐time increase. Due to the lead‐time change, the optimal steady state solution will also, in general, change. We consider the transient problem of minimizing the costs when bringing the system from its original steady state to the new steady state.

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References

1997What is the Right Supply Chain for Your Product 1983Japanese Manufacturing Techniques: Nine Hidden Lessons in Simplicity 1985Investing in Reduced Setups in the EOQ Model 1996Inventory Control with Information About Supply Conditions 1988A Continuous Review Model for an Inventory System with Two Supply Modes 1998An inventory model with Poisson demands and emergency orders 2005A heuristic for triggering emergency orders in an inventory system 2009Inventory Management for Customers with Alternative Lead Times

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