Component Commonality with Service Level Requirements

Yigal Gerchak · Michael J. Magazine

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Supply Chain and Inventory Management Sustainable Supply Chain Management Product Development and Customization

Abstract

This paper extends recent results of Baker et al. (Baker, K. R., M. J. Magazine, H. L. W. Nuttle. 1986. The effect of commonality on safety stocks in a simple inventory model. Management Sci. 32 982–988.) in understanding the impact of component commonality on stocking levels under service level constraints. A model is formulated for an arbitrary number of products with general joint demand distribution. The results obtained are not all intuitive. While utilizing commonality is beneficial, nothing general can be said about the resulting change in the components' stock levels. When the cost structure is of a particular simple form, though, some interesting general patterns do emerge. We also discuss the case of using a service-level measure where rationing of common components might be required, and characterize the implied rationing rule.

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References

1983Production and inventory management 1979Decision Systems for Inventory Management and Production Planning 1970Principles of Operations Research.1986The Effect of Commonality on Safety Stock in a Simple Inventory Model

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