A continuous-review inventory model with constant resupply time and defective items

Kamran Moinzadeh · Hau L. Lee

49 citations0/0 files storedNaval Research Logistics (NRL)

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

Abstract

As a result of imperfect production and inspection by suppliers, pilferage, and/or damage in transit, it is common that procurement orders may contain defective items. This article deals with a continuous-review inventory system with Poisson demand arrivals and constant resupply time. Items in resupply lots may not be of perfect quality. The operating characteristics of such a system are analyzed. For purposes of computational savings, an approximation scheme for the operating characteristics is presented. As a result of the approximation, the determination of the optimal ordering policy becomes much simpler. Extensive numerical tests suggest that the approximation scheme is very effective in giving the optimal or near-optimal ordering policies for such a system.

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References

1964Analysis of Inventory Systems.1986Optimal Lot Sizing, Process Quality Improvement and Setup Cost Reduction 1986Economic Production Cycles with Imperfect Production Processes 1980Optimal inventory policies when stockouts result from defective products 1976Establishing The Order Quantity When The Amount Received Is Uncertain 1981EOQ Formula under Varying Marketing Policies and Conditions 1982A lot size model with backloǵ ǵinǵ when the amount received is uncertain

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2006On a volume flexible inventory model for items with an imperfect production system 1992A Model for Continuous-Review Pull Policies in Serial Inventory Systems 1997Lot Sizing with Randomly Graded Yields 1997Control Policy for a Manufacturing System with Random Yield and Rework 2011Yield management with downward substitution and uncertainty demand in semiconductor manufacturing 2013A production model for ameliorating items with quality consideration 1999

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