Fixed cycle, basic cycle and EOQ approaches to the multi-item single-supplier inventory system

Abstract

Two policies are compared for the joint replenishment problem with a general ordering cost function. The fixed-cycle policy is solved using a dynamic programming approach, resulting in partitioning the items into groups. The basic-cycle policy uses a heuristic approach to partition the items into only two groups. A simulation model is developed to compare the effectiveness of the two policies and the EOQ approach.

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